One scenario not already mentioned where another record will "fill-in" missing IDENTITY values is when the IDENTITY is reseeded. Example (SQL Server 2008):
CREATE TABLE Test
(
ID INTEGER IDENTITY(1, 1) NOT NULL,
data_col INTEGER NOT NULL
);
INSERT INTO Test (data_col)
VALUES (1), (2), (3), (4);
DELETE
FROM Test
WHERE ID BETWEEN 2 AND 3;
DBCC CHECKIDENT ('Test', RESEED, 1)
INSERT INTO Test (data_col)
VALUES (5), (6), (7), (8);
SELECT T1.ID, T1.data_col
FROM Test AS T1
ORDER
BY data_col;
The results are:
ID data_col
1 1
4 4
2 5
3 6
4 7
5 8
This shows that, not only are the 'holes' filled in with new auto-generated values, values that were auto-generated before the reseed are resued and can even duplicate existing IDENTITY values.