My new 60 GB iPod seems to be missing 4.2 GB!

Hi to all,
I just got a 60 GB iPod and after getting up and running I looked at the "About" tab in it and found that its capacity is only 55.8 GB! I was wondering what happened to the 4.2 remaining GB?
Thanks.

Thank you Nathan for your quick reply. It makes perfect sense.
I was wondering, however, if anyone else feels a little ripped off! Don't get me wrong, iPod is a great invention, and would not trade it for anything at this point! but the idea that Apple is selling a 60GB unit should be explained at the point of sale or in the advertising that the unit will have so much disk space available.
What do you all think? Do you agree?
(The memory that I am "missing" (4.2) is greater than their latest invention...the iPod Nano 4GB!) This was no cheep purchase. I am talking about 400$! (Mathematically speaking it is 6.6$ per GB. So if we multiply that by 4.2 missing GB, it would come to about 28$. How about a refund from MAC for 28$ for all those who own this kind of unit!)

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