Mac OS X Power Hound Helpful Hints, Part 2
Subject:   Tip 16-5.
Date:   2004-10-25 02:01:36
From:   jmschwieger
In Panther there is a new switch to hdiutil. Why not use the command hdiutil create -srcfolder <source_folder> <name_of_image> ?

from manpage:
-srcfolder directory
specifies the image size based on the contents of directory. -srcfolder also specifies that the contents of directory should populate the resulting image. -srcfolder copies file by file, creating an optimized filesystem on the destination image (which then could be restored by asr(8)).
-srcdir is a synonym for -srcfolder.

Wouldn't this do the trick in just one step? Or would this create a bigger imagefile?