I have a table with over million rows. I need to reset sequence and reassign id column with new values (1, 2, 3, 4... etc...). Is any easy way to do that?
With PostgreSQL 8.4 or newer there is no need to specify the WITH 1 anymore. The start value that was recorded by CREATE SEQUENCE or last set by ALTER SEQUENCE START WITH will be used (most probably this will be 1).
Reset the sequence:
ALTER SEQUENCE seq RESTART;
Then update the table's ID column:
UPDATE foo SET id = DEFAULT;
Source: PostgreSQL Docs