Not entirely correct.
No HDD you buy off the shelf should not include ANY OS pre-installed.
You lose the capacity due to formatting.
Formatting breaks the disk up into smaller, more manageable sectors, but doing so does take up space.
Depending on what you format your disk for, FAT, NTFS, OSX, etc etc, you will lose more or less space. Disk manufacturers obviously don't take this into account when making or labelling their drives, nor should they.
SSD's are even worse. Not only do you lose space to formatting, but space is also set aside for cells that are expected to fail. You can expect ~90% usable space once the drive is ready to go.
Yes this IS a form of cheating (since the drive is essentially unusable without formatting), but since everyone does it by the same amount, its not really a big deal.