I have some SD card images downloaded to my disk: Runeaudio, Raspbian, Cupcade, Hifiberry Testimage, OpenElec, ...
None of these images seem to have the exact size of an SD card, be it 2, 4 or 8GB. So I wonder how all of these images have been made. A simple "dd" from the SD card would result in a dump of exactly card size.
Also it looks like the images are from the entire card, and nor just from one partition: When the image file is "dd"ed back to an SD card, it usually results in more than one partition.
It does look like there are additional tricks available