If that OS happens to be Windows and you're re-installing Windows I'd suggest blowing away the old Windows partition (i.e., quick format) before installing the new one. I've had Windows installs find and attempt to import settings from old installations before. It can't hurt and it only takes a few minutes to do a quick format.
iGuess was talking about fully erasing data, rather than a simple format. A traditional HDD does never truly destroys its data; while the blocks do get overwritten, there is still a 'ghost' (so to speak) of what was there before. This is can be useful, as it may (
not guaranteed) allow you to recover data even when the drive has been used for a time after its deletion, but for the very same reason it can be a security risk, since a person who gets hold of the HD could potentially dig out sensitive information even after you have deleted it.
That's where software such as http://www.dban.org/ comes in: by repeated writing and deleting (nonsense) data to the drive, whatever was on there to start with gradually gets scrubbed away (it 'fades' more and more each time it gets overwritten). It is the minimum you should do when disposing of your old drives (especially if you're giving/selling them to someone). Hitting them with a hammer afterwards won't hurt your security, either
.
When reinstalling your operating system, complete erasure is normally excessive, since it will still just be you using it. A simple, quick format is all you need to clean it up in regards to performance and configuration files
.