One more thing I just tried:
create table table_schema.table_name_new (like table_schema.table_name);
insert into table_schema.table_name_new select * from table_schema.table_name;
The new tables shows the same amount of wasted bytes and pages as the old.
So I think based on that I'm going to throw out any notion of updates or deletes as cause for bloat on this particular table.
-G