NO.
This is almost completely wrong, and it's an unfortunate bit of old information that has refused to die.
The formatting information takes up a very, very small portion of the disk. What you're seeing is a side effect of the fact that all hard drive manufacturers define a Gigabyte as 1,000,000,000 bytes -- base ten. All OSes, however (Mac, Windows, Unix, and Linux at least, probably others as well) use a base-2 system. So 1KB is 1024 bytes, not 1000, 1MB is 1024KB, and 1GB is 1024MB.
Thing is, when it's only 1KB, that 24 is pretty small. But when you multiply it out, 1GB = 1024*1024*1024 = 1,073,741,824 bytes. Which is 1.073GB in hard drive manufacturer, base 10 GB.
So if you divide the 160GB (manufacturer) by that 1.073GB (OS), you get 149.1GB (actually a little less--your drive is probably a hair larger than 160GB, which is common).
Bottom line is, you are getting exactly what you should be--the OS just does the math differently. It's really, really stupid, and should have been fixed one way or the other a long time ago, but that's why on every single HD related advertising thing you'll see a little * pointing out that HD manufacturers calculate a GB as 10^9 bytes. Go have a look at the Tech Specs on the MacBook page at Apple's site.
RAM, interestingly, is actually done in base-2, OS style, so it's not an issue there.
There is actually a "corrected" notation now KiB (kibi-bytes), MiB, and GiB for the OS-style base-2 versions, but it's not very popular outside geeky circles so far.
Here's Western Digital Knowledge base article that may explain it better than I if you're not following:
http://wdc.custhelp.com/cgi-bin/wdc...XkgZHJpdmUgc2hvdyBzbWFsbGVy&p_li=&p_topview=1