That has nothing to do with the bitrate -- the fact that you're getting a different unit on your 192 should be in an indication (bits or bits/frame, as opposed to kilobits/second).

CDs store audio as 16 bit samples, with 44100 samples per second. This gives a bitrate of 16 bits * 44100 Hz = 705600 bits/second (705.6 Kbps). This is per channel, so the total bitrate of the format is 1411.2 kbps, as stated (modulo rounding) by the GP.

EDIT: in fact, the article you link specifically says (a couple sections further down) that the bitrate is 1411.2 kbps.

This means CDs should have ~800MB of usable space. Why only 700MB?

    705600 * 2 = 1411200              # bits/s for stereo channel
    80 * 60 = 4800                    # seconds in 80 minutes
    1411200 * 4800 = 6773760000       # bits in a 80 minutes CD
    6773760000 / 8 / 1024 /1024 = 807 # In MB

Error correction.

While a 'raw' redbook CD can hold ~850 MB, it is standard to included error correction codes so that a slightly scratched CD can still work.