Out of curiosity, if you SSH into the host, and run this:
df -h | egrep "(Used|$(readlink /vmfs/volumes/volume1))"
What does it report for free space? If it shows the volume out of space, then try restarting the management agents on the host, and see if vCenter updates accordingly. I've never seen it erroneously report insufficient space on VMFS volumes before (it's a known issue with NFS, though)...