I got mine on Saturday. I don't have the MAS version to compare, but I don't think it's radically different.
I've installed it on my C2D MacBook to try it out, it's not going on my main machine yet. The install went fine, copied over quickly then restarted and took about half an hour or something.
It's basically a single volume called Mac OS X Install, and when you open it up in the finder it just contains a big install application icon to double-click.
The application itself is only 14.6 MB, but there is 3.82 GB of data on the 4.19GB capacity drive. Mine was created Saturday, 16 July (!) 2011.
On the top level of the volume is an invisible file called BaseSystem.dmg which is 453.6 MB
There's also a folder called Packages, which makes up most of the data on the drive at 3.28 GB, and seems to contain most of the other stuff.
So I don't think there's XCode included, no.
I don't know if there's much else I can tell you but feel free to ask.