PGDATA - Mailing list pgsql-general

I just can't understand the use of this PGDATA variable!!!!!

-I am on FC3. (pgl 7.4)
-I am installing rpms and then running /etc/init.d/postgresql start
(which is done by default)
-The resulting "data" directory is in /var/lib/pgsql/data

I now want the "data" directory to be on
/home3/myreallylargepartition/pgsql/data
so:

-I login as postgres
-I change .bash_profile so that PGDATA points at the new directory
-I restart the server by  doing a "/etc/init.d/postgresql restart"

Shouldn't any new tables I create be in the new area?!!!!!

Thanks.