Not necessarily. It depends on your search factor as well. With a replication factor of 3 and a search factor of 2, you're storing just two complete copies of your data. For the third copy, you're storing only the rawdata file, reducing the size of that third copy by a significant amount.
For more details, including examples, see this subtopic on determining your storage requirements:
http://docs.splunk.com/Documentation/Splunk/5.0/Indexer/Systemrequirements#Determine_your_storage_requirements
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