No, it's just the full version of SP3. When it's installed through Windows Updates, only the required parts are downloaded.
Grumpy is correct. Its designed or IT pros. Download it once and run it on 2 dozen machines. It works just as well on 1 as on 20. Its just usually overkill for a person looking to upgrade one machine once.
You just download it, which takes forever if your connection is slow, double click, and it handles just like the windows update version.