Martin Brennan here. I strive for accuracy when I present the numbers but at the same time I want the numbers to be quick to understand and compare.
Its not hard to calculate the capacity of a hard disk in seconds.
For WAV (no compression) its 176,400 bytes per second
For FLAC its about 66% of that 116,000 bytes per second
For 128k MP3 its 16,000 bytes per second
For 256k MP3 its 32,000 bytes per second
You have to allow a bit of overhead
Those numbers are not so helpful so I generally talk in terms of albums (or CDs). But CDs vary in length and because of Advertising Standards if I say it can hold 100 CDs then it must be able to hold 100 of the longest CDs you can get.
But because most CDs will be somewhat shorter than the maximum you are right - the published figures are pessimistic - by law.
Hope that helps
Martin