Thread closed due to op retirement
It's a full GAPPS package (everything you get in the Factory Image you get with this Package). They are all installed on the system partition, so you don't take up precious SDCard space and they are updated whenever there is an update to any of the Apps in the package.
I like it because it gives you all the apps and you can remove what you don't want. You don't have to download as much from the Play Store on a clean boot.