RAID 5: 3TB raw storage, how much usable can I expect?

Been trying to figure this out through googling, have gotten conflicting answers:
I have an external RAID tower with 6x500GB drives, so 3TB raw. If I go RAID 5, I should have 2.5TB usable space, right? And then when I initialize in Disk Utility will I lose just a little bit of space or a whole lot more?
I'm having issues after striping the RAID; the software reads 2.5TB usable but Disk Utility only shows 2TB usable when I format it. Someone has told me that's all I should expect, but that doesn't seem right -- losing a third of my storage??

I've been checking the math and I think you guys are right: 2.5TB of raw space in RAID 5 minus 20% for formatting is 2TB on the nose.
The RAID 5 should format to approximately 2.2TB with six 500GB hard disks.
If the RAID volume only shows 2TB my guess is that either the driver has a 2TB limit or when you configured the RAID with the web manager over 2TB support was not selected.
The Areca cards have this same limitation. You have to set the web manager to support volumes over 2TB when configuring the RAID set.
Have fun!

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