about Customize hoary live-cd

[csj]

Hello,
I want to rebuild the livecd to smallest base system, so I follow the
wiki howto,
mount /mnt/extracted_fs /mnt/build -o loop
and  I  chroot into remove many packages and now I `df -h` and result:
/mnt/extracted_fs     2.0G  227M  1.7G  12% /mnt/build

and then  I use create_compressed_fs to compress extracted_fs
create_compressed_fs extracted_fs 65536 | dd
of=extracted_cd/livecd/casper/filesystem.cloop
and I got 504M filesystem.cloop  :/
Isn't it should  smaller than 227M which the base system really used?

I am so confused about this,
and if there will be a ubuntu base livecd (or it really exist but I dont know)
I mean just include base system wothout X,gnome,etc.
I think it maybe about 100~200MB iso and many people  could make our
own livecd from it?
It will be great, and easier to customize the liveCD.

csj