Presumably a development machine for sure, but would it contain any sort of editor (of any kind)? Or are there any editors in existence that work with the SDK that are commercially available?
The details of the content of the SDK are probably covered by NDA.
That said, since SDKs generally contain compilers and other related tools and libraries. Access to the development hardware is often a separate issue, although to most developers they will appear to be part of the same package.
You can use any text editor to write code, and just about any IDE that can work with external compilers (which is any decent one) can be made to incorporate the tools from a console SDK.
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It comes with compilers (Metroworks Codewarrior, and GCC via cygwin), lots of documentation, lots of sample code for different techniques, a Nintendo designed emulator, and optionally development hardware. From a code perspective, it's all really low level, basically directly talking to hardware registers with macros. Lower level than even something like OpenGL or Direct3D.