Well, here's the log from my latest backup:
Starting standard backup
Backing up to: /Volumes/Time Machine USB/Backups.backupdb
No pre-backup thinning needed: 108.4 MB requested (including padding), 328.04 GB available
Copied 4534 files (12.0 MB) from volume Internal SSD.
Copied 4539 files (12.0 MB) from volume ScratchDisk2.
No pre-backup thinning needed: 100.0 MB requested (including padding), 328.03 GB available
Copied 1048 files (93 bytes) from volume Internal SSD.
Copied 1053 files (93 bytes) from volume ScratchDisk2.
Starting post-backup thinning
Deleted backup /Volumes/Time Machine USB/Backups.backupdb/ML Home Desktop Mac/2013-09-03-040943: 328.38 GB now available
so it looks like it's thinning, but also "deletec backup", and over 300 Gb available - why delete anything when that much empty space remains??