There's also a difference in how the hard drive manufacturers measure hard drive space and Windows.
The manufacturer calls 1,000,000 bytes a MB, but for the operating system there are 1,048,576 bytes in a MB since it is using binary and not decimal unit if measurement. If you divide the the former by the later, you see that the binary method of measuring only gives you 95% of the size of the decimal method. And 95% of 80GB is 76GB, which is exactly what you're seeing.
Now mind you, they really aren't lying so much as fudging the math. Ususally you'll see a disclaimer in very small print on the package or on Dell's website (for example) that states that 1GB is equal to a million bytes, so they don't get sued for lying about the size - although at leaste one person has actually filed one suit despite the disclaimers.
Gotta love those advertising departments.
EDIT: Just realized I did my math wrong, did my calculations using MB instead of GB. I've edited my response to change GB to MB, but after redoing my math I realized that at the GB level the binary method is 93% smaller than the decimal method, and an 80GB drive actually comes out to around 74GB, so I'm kinda confused now as well.