Repartitioning a disk will effectively erase all of the data on it. In truth, the data could be recovered by forensic means, but not through normal operation. What is happening is that you are defining for the system a new new structure for the storage. The old files are there, but the references to them are lost, so the operating system will not recognize the data is there (and will ultimately overwrite them).
Partitioning a disk takes a second. Formatting the partitions takes a few seconds if you do it normally. You have the option of securely wiping the disk by writing 0's or random data over whatever's already stored on the disk. That process takes quite a bit longer (because it has to write to every sector on the disk), and the exact amount of time depends on which secure erase level you select, the model of disk, and the amount of space.
I've never thought to time the procedure, but I believe [the internal iMac drives have a maximum sustained transfer rate around 78 MB/s|http://www.seagate.com/ww/v/index.jsp?vgnextoid=b9df99f4fa74c010VgnVCM1000 00dd04090aRCRD|pretty sure this is the drive used in my iMac]. At that rate it would take about 900 second (15 minutes) to zero out a 70G disk - though I would guess the utility zeroing it would incur a little overhead, so add a few minutes on top of that. If you used the 3-pass overwrite erase, that would take more than 3-times as long (3 passes, plus it has to generate a slew of random numbers). If you use the 7-pass erase, it would take 7x as long (plus some more since it has to generate all those random numbers).