I work mostly with AIT4 tape drives which are nominally 200GB but when I have a look in BE11 at the slots of the Autoloader (Devices tab), they always show as 195GB. I just assume it's the same as when you put a new 200GB Hard disk into a Windows C, by the time it's formatted Windows will tell you it's somewhat less (no experience of Linux here I'm afraid), I'm sure someone will tell me it's better ;o)
As for compression, on our D2D2T setups, if we open the dup (i.e 2 tape) job template in the policy, under 'Settings, advanced' there is a drop down list to select 'Compression type' and we choose 'Hardware if availabale, otherwise none' and the AIT4 drives compress as expected. Not familiar with LTO so it may work a completely different way.