It uses a "worst case scenario". On my k5iis, I find raw files range from about 12MB to 34MB, with an average of about 23MB. The camera uses ~34MB/photo to estimate how many will fit on the card's remaining space.
If you're regularly fitting 1000 images where the camera says 600, just multiply the reported images remaining by 1.5 and this should still be conservative
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Originally posted by JohnX On a different note, surely the capacity is academic? Would you want to risk losing such a huge quantity of images?
With my single-slot camera, I use my sd cards as a temporary backup. At the end of each day, my sdcard is copied to my computer and my home backup. I don't erase the sdcard until I've updated to my offsite backup, so having several weeks worth of capacity on an sd card can be handy.
In any case, sd cards are pretty reliable. I'm not really worried if I have a few hundred images from the day living solely on one sdcard. If someone was paying me and it was more than just my disappointment on the line if my sdcard burst into flames, I'd probably be inclined to do on-the-fly backups.