I have stripped out loads of the development tools and extras in the 2013-02-09-wheezy-raspbian.zip image, I have installed minidlna on mine taking my rootfs up to 716MB.
My minimal image can be found here:
After loading this to your sd card (1GB or more) with dd or Win32DiskImager (i haven't tested anything else) run
and expand the rootfs to fill to the size of your sd card. This will load without expanding, swap has been disabled, all the display and sound drivers have been removed assuming a headless configuration. After installation you can see in a log file what has been removed.
Fresh install of this will give you ~16MB free in rootfs.
Please like to let me know you have downloaded / like my image!