valgrind run.

gistfile1.txt

(et-test)erics@builder-1204-x64:~/et-test/et-issue-example$ valgrind --tool=massif python manage.py generate_all_thumbnail_aliases
==16695== Massif, a heap profiler
==16695== Copyright (C) 2003-2011, and GNU GPL'd, by Nicholas Nethercote
==16695== Using Valgrind-3.7.0 and LibVEX; rerun with -h for copyright info
==16695== Command: python manage.py generate_all_thumbnail_aliases
==16695== 
1; RSS: 142912; Unshared: 0; Obj: 27683
2; RSS: 142912; Unshared: 0; Obj: 27535
3; RSS: 177228; Unshared: 0; Obj: 27563
4; RSS: 177228; Unshared: 0; Obj: 27591
5; RSS: 177228; Unshared: 0; Obj: 27619
6; RSS: 177228; Unshared: 0; Obj: 27647
7; RSS: 177228; Unshared: 0; Obj: 27675
8; RSS: 177228; Unshared: 0; Obj: 27703
9; RSS: 177228; Unshared: 0; Obj: 27731
10; RSS: 205720; Unshared: 0; Obj: 27559
11; RSS: 205720; Unshared: 0; Obj: 27587
12; RSS: 205720; Unshared: 0; Obj: 27615
13; RSS: 205720; Unshared: 0; Obj: 27643
14; RSS: 205720; Unshared: 0; Obj: 27671
15; RSS: 205720; Unshared: 0; Obj: 27699
16; RSS: 205720; Unshared: 0; Obj: 27727
17; RSS: 205720; Unshared: 0; Obj: 27755
18; RSS: 205720; Unshared: 0; Obj: 27783
19; RSS: 205720; Unshared: 0; Obj: 27811
20; RSS: 205720; Unshared: 0; Obj: 27638
21; RSS: 205720; Unshared: 0; Obj: 27666
22; RSS: 205720; Unshared: 0; Obj: 27694
23; RSS: 205720; Unshared: 0; Obj: 27722
24; RSS: 205720; Unshared: 0; Obj: 27750
25; RSS: 205720; Unshared: 0; Obj: 27778
26; RSS: 205720; Unshared: 0; Obj: 27806
27; RSS: 205720; Unshared: 0; Obj: 27834
28; RSS: 205720; Unshared: 0; Obj: 27862
29; RSS: 205720; Unshared: 0; Obj: 27689
30; RSS: 205720; Unshared: 0; Obj: 27717
31; RSS: 205720; Unshared: 0; Obj: 27745
32; RSS: 205720; Unshared: 0; Obj: 27773
33; RSS: 205720; Unshared: 0; Obj: 27801
34; RSS: 205720; Unshared: 0; Obj: 27829
It took 3826.99 seconds to generate all thumbnails and aliases.
All thumbnail aliases generated succesfully.
==16695== 
(et-test)erics@builder-1204-x64:~/et-test/et-issue-example$ 


And this is the massif memory profile:
--------------------------------------------------------------------------------
Command:            python manage.py generate_all_thumbnail_aliases
Massif arguments:   (none)->13.14% (17,456,640B) 0x7AAD35D: ImagingNewBlock (Storage.c:333)
| ->13.14% (17,456,640B) 0x7AAD40A: ImagingNew (Storage.c:373)

ms_print arguments: massif.out.16695
--------------------------------------------------------------------------------


    MB
126.7^                   #                                                    
     |                   #                                                    
     |                   #                                                    
     |                  :#::::                                                
     |                  :#:::           ::::                                  
     |                  :#:::           : ::                        :         
     |                  :#:::           : ::        :::::           :         
     |    :::       :::::#:::           : ::        ::: :@    :::   ::::      
     |    :::       ::: :#:::  :        : ::        ::: :@    :::   :: :   @  
     |    :::       ::: :#::: ::@    :  : ::        ::: :@    :::   :: :  :@: 
     |    :::       ::: :#::: ::@    :  : ::        ::: :@  :::::   :: :  :@: 
     |    ::::::    ::: :#::: ::@:@@ :  : ::::   :  ::: :@  : :::   :: :  :@: 
     | ::::::::  :  ::: :#::: ::@:@  :  : :::    :::::: :@  : :::  ::: :  :@: 
     | : ::::::  :  ::: :#::: ::@:@  :  : ::: ::::: ::: :@::: :::  ::: @:::@:@
     | : :::::: ::::::: :#::: ::@:@  :::: ::: :: :: ::: :@: : :::::::: @:@:@:@
     | : :::::: ::: ::: :#::: ::@:@ ::: : ::: :: :: ::: :@: : :::: ::: @:@:@:@
     | : :::::: ::: ::: :#::: ::@:@ ::: : ::: :: :: ::: :@: : :::: ::: @:@:@:@
     | : :::::: ::: ::: :#::: ::@:@ ::: : ::: :: :: ::: :@: : :::: ::: @:@:@:@
     | : :::::: ::: ::: :#::: ::@:@ ::: : ::: :: :: ::: :@: : :::: ::: @:@:@:@
     | : :::::: ::: ::: :#::: ::@:@ ::: : ::: :: :: ::: :@: : :::: ::: @:@:@:@
   0 +----------------------------------------------------------------------->Gi
     0                                                                   827.5


about 70% of the peak memory is is used in ImagingNewArray, which is PIL's storage for entire images, A bunch in new block. Nothing else is in PIL/low. (much snippage below)

99.63% (132,411,972B) (heap allocation functions) malloc/new/new[], --alloc-fns, etc.
->69.32% (92,127,312B) 0x7AAD2EA: ImagingNewArray ([[Pillow/libImaging/]]Storage.c:287)
| ->69.32% (92,127,312B) 0x7A90289: _new ([[PIL/]]_imaging.c:633)
...
->13.14% (17,456,640B) 0x7AAD35D: ImagingNewBlock (Storage.c:333)
| ->13.14% (17,456,640B) 0x7AAD40A: ImagingNew (Storage.c:373)