I also understand this to be true; on a train (a 200m classic compatible) that has fewer seats than a Pendolino and that is considered full at 80% of seated load.
If we assume 25m stock (which wood be 8 coaches) and we take the draft IEP layouts and remove a row of seats from each coach (based on the 9 coach layouts with the part standard part first coach removed) that would be 529 seats. Although given the levels of first class on ICWC services that's not likely to be enough first class seats (65) and so the draft 8 coach layout, again with the row of seating per coach removed, would result in a seating capacity of 510 seats (92 of which are first class).
Which when compared to an 11 coach 390 which had 589 it is less seats, however when compared to a 9 coach 390 with 469 it would be more, regardless of which version you went for.
I would point out that I've been fairly capacity adverse by taking a whole row of seats for the loss of 1m of coach length and so the maximum decrease in capacity of 79 seats may not be as extreme in real life.
Likewise, it could be that due to the extra coach width that there's 3+2 seating in standard class (before anyone compares this to our current 3+2 seating note the extra width of the coaches). However there could be 3 classes with standard being 3+2, business being 2+2 and first being 2+1. In doing so standard could be marginally cheaper (say 5% cheaper) than current ticket prices, business marginally more (say 10% more and you get something free like a newspaper or a tea/coffee/water) and first class being the same as it currently is for first (with the same level of freebies).
Also, I think that I read somewhere, that Liverpool was due to have 2 tph, which would mean that any loss in seating (max 79 or 13%) on one service would be more than made up for by the second service in the hour reducing demand for seats on any given service.
Yes increasing frequencies will make the service more attractive as well the reduced journey times. However with a total capacity of at least 173% over a single 390 (based on an 11 coach unit) there's still plenty of space for that to happen.