Which disk did you reinstall from ?
The prophesies and factions disks don't have any nightfall content (maps, textures, models, etc. the stuff that takes up a lot of space), so you need to download that. The prophesies disk also doesn't have the factions content. And the installer from guildwars.com doesn't even come with the prophesies content, so you need to download everything.
How big is your GW.dat file currently ?
Mine is about 3.2GB, so until yours reaches that size you probably still have stuff to download. Even if your account doesn't have all chapters, GW will want to download everything.
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