I wrote the Pinterest script. The ID's are unrelated to the layout, and are used for other interaction-related JS. Here's the base of how it works:
Beforehand:
Absolutely position the pin containers
Determine column width
Determine margin between columns (the gutter)
Setup an array:
Get the width of the parent container; calculate the # of columns that will fit
Create an empty array, with a length equaling the # of columns. Use this array to store the height of each column as you build the layout, e.g. the height of column 1 is stored as array[0]
Loop through each pin:
Put each pin in the shortest column at the moment it is added
"left:" === the column # (index array) times the column width + margin
"top:" === The value in the array (height) for the shortest column at that time
Finally, add the height of the pin to the column height (array value)
The result is lightweight. In Chrome, laying out a full page of 50+ pins takes <10ms.
We released a jQuery plugin because we got the same question several times for Wookmark. It creates exactly this type of layout.
View it here - Wookmark jQuery plugin
You could use floats and size your div widths using percentages together with min-width to force divs to automatically fall of once minimum width is reached? Its the way we got it working on http://www.goldtree.co.za/work
This makes them position in rows better than when they are floated.
Then when the page is loaded, I iterate all DIVs in JavaScript to remove gaps between them. It works acceptably well when:
DIVs are not very different in height.
You don't mind some minor violations of ordering (some elements that were below can be pulled up above).
You don't mind the bottom line being of different height.
The benefit of this approach - your HTML make sense for search engines, can work with JavaScript disabled/blocked by firewall, the sequence of elements in HTML matches the logical sequence (the newer items before older)