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Hi Phoenix:
Just to add to fade2black's comment, this is typical of storage devices. There's raw space and then there is formatted space. To track and locate files and such, a certain amount of space is set aside for this purpose. Think of it as a directory structure that says "this file is here, this file is there" on the device. You're desktop also 'suffers' from this. Its necessary overhead.
I also have a 256mb SD Card and it too shows 241mb. That's normal. Don't think of it as deceptive advertising though. Typically, there are different ways to format a storage device (file system) and depending on what you use, it will need more or less. In the case of the SD cards, my understanding is that it uses the file system with the least overhead - FAT12.
Hope this helps.
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