I am wondering about this as well. I don't think the DPI of the image is what is doing this, because I have a project where everything looks fine in IB on one machine, then on my laptop, it displays the way the OP is describing.
The image dimensions are the same as the iPhone screen and the view dimensions (320x480), but the image displays all tiny instead of filling up the whole dimeal nsions of the UIImageView. If I scale to fill, then the image gets all blurry, at 320x480, even though I can confirm that those are the actual dimensions of the image... It's acting as if the image itself is 320x480 of empty space with a small version of my image centered inside it... this is very strange. As I said- this is the same project that looks completely fine in IB on another machine (and when they build, they both look normal in the simulator). This also happens on my friends's macbook.
Is there some setting in IB that might be the difference?
EDIT:
Guess I spoke too soon- I went back to my other machine and noticed the same problem this time, and it indeed was the dpi. This must have been a change in one of the recent updates to xcode/IB, because I originally never saw this issue, and the image files are exactly the same... strange.