it really is a perceived zoom, and not a true zoom. it it true what you say about really just losing the edges of an otherwise larger image.
to get the same framing on a full frame camera, you would have to use a longer lens
the image just appears as if you were standing nearer than you actually were, because you lose the edges.
This "stolen" from the luminous landscape website:
Think in terms of Medium Format, say, 6x7 on a Mamiya RZ. This has special lenses built for it and the so called ‘standard’ lens is about 100mm in focal length. The lenses are different from 35mm ones because they have to project a bigger image circle onto the film plane to encompass a bigger film size, 54x66mm or thereabouts. The lens also has to spaced away from the film to allow the huge mirror to flip up and so has to be optically designed with this in mind.
The upshot of this is that different formats need different lenses. With DSLRs we are in fact using lenses specially designed for one sized format on another, smaller format – the lenses will therefore behave differently.
Comparing lenses on different formats is nothing new – we should be used to the fact that a 150mm lens on a 4x5 camera is ‘equivalent’ to the angle of view of a 50mm lens on 35mm format cameras. This ‘equivalence’ is important because the format of the film determines the angle of view of the lens – not just the focal length. A 150mm lens on 8x10 format is used as a wide angle lens whilst on a 35mm camera it has an apparently telephoto effect.
Hope it helps. Really, with that many pixels, you can crop to a 1.6 factor and not lose much pixel density as far as making a good print.