Kenneth Fisher has a good post on what happens when you change the seed value of an identity column:
Well Paul told me this wasn’t the case. Now when Paul tells me something I believe him, but I also like to run tests. So I decided to usesys.fn_PhysLocCracker(%%physloc%%). %%physloc%% returns a varbinary that gives you the location of the row. When passed tosys.fn_PhysLocCracker(%%physloc%%) it returns the database file, page in the file, and slot number where the row can be found. So to start with I create an identity(1,1) and I run 20 inserts, one at a time, checking row locations each time. This is to confirm I’m right about this part.
Clicking through is worth it for the hypnotizing animated GIFs.