Ok, so a rectangle is cut out from the full image that is in the shape of a circle, I get that... But if you look at the surface area of the circle NOT covered by the rectangle/square then in comparison it should be much more then 3 megapixel worth of data.... Anyone care to explain?
You are misunderstanding the circle. At the top-right of the diagram the total sensor size is listed as 7728 x 5368, which forms a rectangular area.
The circle exists only as a geometric aid. It demonstrates that this sensor can take images at different aspect-ratios, while keeping the same effective sensor size. Sensor size is measured diagonally. The circle demonstrates that the diagonal is identical in both 4:3 and 16:9 modes.
Circular sensors do exist, but most are rectangular. In the above picture the actual sensor is represented by the light-grey outline of a rectangle, which is commented (top-left) as follows:
"Corner areas are not used as thy fall outside of the optical format area, plus they are not needed for either aspect ratios"