The reason you get different sizes is because CDR's use the 1MB = 1024KB = 1024 x 1024 Bytes way of measuring space. DVD-R's and HD use the 1MB = 1000KB = 1000 x 1000 Bytes. It's sort of unofficial move to properly realign the whole damn byte sizing thing.
4.7 x 1,000,000,000 = 4,700,000,000
4,700,000,000 / 1073741824 (1024 x 1024 x 1024) = 4.3772161006927490234375 or about 4.38
See. Nero just uses the older 1024 method of figuring out KB, MB and GB.