100% true, they also don't consider that the value of a read error rate of 1x10^12 is a manufacturers value, which means that in order to justify this value the 95% confidence interval (subject to further refinement through safety factors) must be less than 1x10^12 in the manufacturers statistical analysis. Most of the drives that are on the market would have a higher read error rate(better) than the actual marketed value (unless they have some legal way around this, the engineers have to "prove" the values are legit).
Cheers,
Matt