First blog post for 2014 and guess what? I managed to reclaim over 50gig of disk space in under 20 seconds by shrinking a ~96 gig sparse bundle disk image down to around 40 gigs.
-> % hdiutil compact Cohiba_secure.sparsebundle
Enter password to access "Cohiba_secure.sparsebundle":
Starting to compact…
Reclaiming free space…
...............................................................................
Finishing compaction…
Reclaimed 52.4 GB out of 251.5 GB possible.
It's that easy...