Clearly explained or not, the information is not correct.
The air:fuel ratios are always based on mass, not volume - a huge difference. Specifically, in this case, grams of dry air per gram of dry wood burned.
Using volumetric measurements to determine air:fuel ratios doesn't even make sense. Picture the inside of your car engine. The stoichiometric (fancy word for balanced chemical reaction) air:fuel ratio of gasoline during complete combustion is somewhere around 15:1. Air:fuel ratios is excess of this number are considered lean, while those that are lower indicate a rich mixture. But does it make a difference how many cubic inches of displacement that particular cylinder has, or how rapidly that cylinder is cycled?
Wood needs a lot less air than does gasoline to achieve complete combustion. Roughly, six pounds of air to one pound dry wood. Due to much less efficient mixing of intake air and fuel gases compared to an internal combustion engine, stoves need air in great excess of the stoichiometric amount. Airtight stoves deliver between 1.5 to 3 times that much, so there is always a lot of excess air inside any efficiently burning stove. A wood burning system that provides 3 times the amount of air (by weight) needed for complete combustion gives an 18:1 ratio of fuel to air. That is about half the air need to achieve a 35:1 ratio, so these stoves are not exempt from the EPA standard. That is how the determination is made, and not at all on firebox volume.
Another small but significant quibble. Particulate density inside your system is not the only indicator of the amount of smoke pollution a stove produces per unit time (which is what the stove is being tested for). It all ends up in the atmosphere, so it is the total amount of particulate matter per hour that the stove produces that is measured, not the smoke density. These two things can be highly correlated in practice, but there is no direct physical relationship between them. A stove can produce copious amounts of smoke, and yet the smoke density can be low due to draft and flue design (for example, an excessively tall and oversize flue chimney), and the opposite can also occur, where a stove burns fairly clean, but low flue temps and poor draft can lead to relatively longer residence times and, therefore, increased smoke density. No matter, once it escapes the top of the stack it is all the same amount of pollution.
What is important and is often overlooked is how all these variables can add up to problems in certain applications. Just because your stove passes the EPA standard doesn't mean you can burn it any old way and get good clean burns with lots of heat delivered into the room. Non-cat heaters can make up to 7.5 grams of particulate matter per hour and still pass.
Since these devices are tested under somewhat ideal conditions, the very least a 24/7 burner will produce is about 85 pounds of particulate matter in a 7 month burning season. If you add in just the startup burn (the smokey "pre-load" part the EPA doesn't test for), you are probably up to well over over 100 pounds of particulate matter. Now consider all the days that you can't buy a decent burn for no apparent reason... even more smoke produced. In all, there is enough particulate matter going up the flue of even the most efficient stoves to produce dozens of gallons of creosote, all of it having at least the potential for deposition onto the chimney walls if the flue temps and residence times are low enough.
That's why I advocate burning hot and learning to live with whatever heat goes up the flue. Stove top temp is irrelevant. If you have the proper flue gas temp, you are burning correctly, even when using less than ideal wood as your fuel. Hot flue temps = better, cleaner burns, and increased safety in the long run. Remember, burning clean is the goal of modern stove designs. Increased efficiency (if it exists at all) is just a by-product of a stove designed to burn cleaner.