I would assume that GetSystemMetrics() is that you need to look at. I think that SM_CXEDGE and SM_CYEDGE are probably the values you want, but don't quote me on that. ;-)
Can only guess without seeing your output.
A few suggestions: If you are using the DrawTextEx function, have you have experimented with DT_INTERNAL et al?
Are you accidentally putting in a blank image/icon.
Does it look ok in classic screen mode? If so I would look at XP Theme functions to see if some thing is going on.
Late edit after first comment:
I wonder if the size of rectangle matches the space required for the LVN_ENDLABELEDIT edit box around the text so the text doesn't move (or for a focus rectangle)?
I guess you could compare the result of LVM_GETITEMRECT with LVIR_LABEL on the first column and use the difference as your left border.
ListView_GetSubItemRect (LVM_GETSUBITEMTECT)
http://msdn.microsoft.com/en-us/library/ms930172.aspx
Despite what the documentation says I suspect LVIR_LABEL returns just the returns the bounding rectangle of the item text, as per ListView_GetItemRect.
(This just kept niggling me as I though I had actually seen an answer somewhere when playing with NM_CUSTOMDRAW).
Edit After Comment 2:
I imagine you have seen NMLVCUSTOMDRAW which if you are willing to use Version 6.0. has rcText. I wouldn't since I use Win2K.
Given what you have found I would go back to the suggestion of using ListView_GetItemRect to get LVIR_LABEL and compare that with LVIR_BOUNDS and use the difference.