[quote name='wubb']What games does it have? Full versions?[/quote]
The "teaser" CD, which is the same one Microsoft puts on their website, and the same one MANIMAL is talking about, which is also the same one you get for pre-ordering Mech Assault 2, has a full free version of Ms. Pac-Man.
The other games are purchased, from $4.99-$14.99 (maybe more). Billed to your credit card that backs XBL. Just like download content purchases.
Once you buy 'em, they're yours. Just like downloaded content.