It's only the regulator. The original setup is a regulator and seperate rectifier. My old regulator basically did nothing until about 3000 RPM. The new one gives me 14.2 VDC from about 1800-2000 RPM right on up. Nice and steady output.
A rectifier can be built for less than $5, or you can get a couple of bridges and make your own for around $10. I have already "aquired" a three phase rectifier for future use. It is a PRX 6 diode 50 amp rectifier.
The regulator is a KEM KVR502. You can get one locally, just ask for a regulator for a 1976 Porsche 911. I'm not sure what other cars it fits, but apparently quite a few since everyone stocks one. Locally they are $20-30, so I ordered mine from JC Whitney for $10 along with some other parts.
If you search for KVR502 on this board you should find a thread with the instructions for installation.
Here's a few pictures: