Ignorance ahoy! I really didn't understand at all how these things work and the following will probably illuminate that, hopefully I'll learn more!
My primary concern (curiosity? frustration?) is how the bleeping heck do they claim 100% space utilization. So this means you toss in a 1TB drive, it appears with 1TB more free space for you to use. This is basically anathema to me when they claim to have your data backed up and safe - to the point where you can just yank a drive out and it'll continue on it's merry way. As we all know, with RAID to get your data backed up it's usually a 50% space penalty (RAID1 / 10). Knowing that the answer probably isn't "witchcraft" I set about trying to figure it all out. The following is my super high level guess and assumptions and I'm probably wrong about half of it.
Object Based Storage is the heart of the answer, I'm pretty sure. My one sentence understand of it is: cut data into chunks, number the chunks, hash them?, store them across a couple (3?) drives. It appears that this is very similar to RAID in that the data is duped; where I know I'm missing something key is that you don't get 1:1 utilization if you're duping data anywhere. Impossible right? Yes. My best guess is that they do take a penalty from duping data, but they MUST recoup it somewhere!
Taking the units I have as the working example: put in 4x4TB drives, got 14.4TB usable storage out. That's not unreasonable to lose some capacity to file system, formatting, whatever. We do know that they use de-dupe and this is primarily how I suppose they recoup the space and claim 1:1. I have checked on the management page and our units are claiming a de-dupe ratio of 1.3. According to "My Computer" I have 2.23TB used currently. Now, here is where the slight of hand comes in - I have (I hope... I didn't actually keep careful track) actually put 2.23TB of data on the thing. AH HAH! Witchcraft this is not! It's just not displaying the space it gained by compacting all your data.
So, best guess: overhead penalty of duping data to maintain redundancy is recouped through compression of original data, and probably some other OBS trickery. I'm not at all sure what that trickery is exactly, though I suspect they can somehow reconstitute blocks of data??? I'm not at all satisfied with my answer but I hope to learn more.
Further suppositions: I strongly suspect that there is a fair bit of overhead from all the work the OBS has to do. How much of a penalty this is I would really like to find out, but I lack the equipment (gigabit networking) to really put the hurt on them for I/O. Given my company's use case for these units, we would likely never push their I/O limitations anyway.