I've had to deal with a 32bit identity value that starts at 1, design and business changes mean that the expected range of a few million is now several billion...and within a few years, 2^32 is exceeded. Reseed at minvalue of 32-bit int, and you still have 2 billion values ... which becomes a problem in a year because growth is exponential.
There is a use case for this - sometimes it's a bandaid approach to stave off disaster (i.e. you start with a few thousand customers and sales go crazy, suddenly you have a million customers - extended downtime is not an option). Sometimes it's just a case of data changes - remember the golden rule of SQL: "It depends." Nobody runs their database the same as the next guy, so a few of you should be careful not to say this is never an option. Sometimes it is, but there's often a tradeoff. I can tell you from experience that if because of growth you have to reseed twice or three times - you really want a solid plan to permanently fix it. I've had to clean up the fallout from others' quick fixes.