It certainly does sound like megapixels have been confused with megabytes (MB).
Not all cameras store uncompressed RAW files:
http://regex.info/blog/photo-tech/nef-compression/
I believe that the lower-end Nikons ([SIZE=-1]D80, D70, D50 and D40?)[/SIZE] only store in
slightly lossy compressed RAW format - I've noticed that the .NEF file size is different for each image, and smaller than I expected, even for one channel per pixel.
Here is an interview with Dave Coffin who wrote dcraw. He discusses his work decoding the various RAW compression formats. An extract:
"Compression is not encryption. Phase One and Sony do encryption only. Kodak does compression only. Canon, Nikon, and Foveon compress the image data and encrypt some of the metadata."
This all suggests that both lossy and lossless compression is used for RAW files.
Best,
Helen