Yep. 

It's the normal package hierarchy that my 21.4 build finds and uses, and it contains a pkginfo directory with a bunch of MANIFEST files.

startup-setup-paths arguments:
  inhibit-packages: nil
  inhibit-site-lisp: nil
  called-early: nil
emacs-roots:
("c:\\Program Files\\XEmacs\\XEmacs-21.5-b25\\" "c:\\Program Files\\XEmacs\\" ".
.\\")
emacs-data-roots:
("c:\\Program Files\\XEmacs\\XEmacs-21.5-b25\\" "c:\\Program Files\\XEmacs\\" ".
.\\")
user-init-directory: "~\\.xemacs\\"
configure-package-path: ("~\\.xemacs" "" "c:\\Program Files\\XEmacs\\site-packag
es" "c:\\Program Files\\XEmacs\\xemacs-packages")
lisp-directory:
"c:\\Program Files\\XEmacs\\XEmacs-21.5-b25\\lisp\\"
site-directory:
nil
early-package-hierarchies and early-package-load-path:
nil
nil
late-package-hierarchies and late-package-load-path:
nil
nil
last-package-hierarchies and last-package-load-path:
nil
nil
load-path:
("c:\\Program Files\\XEmacs\\XEmacs-21.5-b25\\lisp\\ ")
module-directory:
"c:\\Program Files\\XEmacs\\XEmacs-21.5-b25\\i586-pc-win32\\"
Info-directory-list:
("c:\\Program Files\\XEmacs\\XEmacs-21.5-b25\\info\\")
exec-directory:
c:\Program Files\XEmacs\XEmacs- 21.5-b25\i586-pc-win32\
exec-path:
("C:\\ADSv1_2\\bin\\" "C:\\Perl\\bin\\" "C:\\Perl\\bin\\" "C:\\WINDOWS\\system32
\\" "C:\\WINDOWS\\" "C:\\WINDOWS\\System32\\Wbem\\" "C:\\Program Files\\doxygen\
\bin\\" "C:\\Program Files\\Open-Plug\\ELIPS Studio\\" "C:\\PROGRA~1\\ATT\\Graph
viz\\bin\\" "C:\\PROGRA~1\\ATT\\Graphviz\\bin\\tools\\" "C:\\Program Files\\cvsn
t\\" "C:\\Dvpt_tools\\Codegen\\Vislink_1.9902\\" "C:\\Program Files\\Subversion\
\bin\\" "c:\\Program Files\\QuickTime\\QTSystem\\" "c:\\program files\\gnuwin32\
\bin\\" "c:\\perl\\bin\\" "c:\\cygwin\\bin\\" "C:\\Dvpt_tools\\Codegen\\Vislink_
1.9902\\" "C:\\Dvpt_tools\\Codegen\\TMS4701x_1.22e\\NT\\" "C:\\Program Files\\Ja
va\\j2re1.4.2_03\\bin\\" "C:\\ADSv1_2\\bin\\" "C:\\Perl\\bin\\" "C:\\Perl\\bin\\
" "C:\\WINDOWS\\system32\\" "C:\\WINDOWS\\" "C:\\WINDOWS\\System32\\Wbem\\" "C:\
\Program Files\\doxygen\\bin\\" "C:\\Program Files\\Open-Plug\\ELIPS Studio\\" "
C:\\PROGRA~1\\ATT\\Graphviz\\bin\\" "C:\\PROGRA~1\\ATT\\Graphviz\\bin\\tools\\"
"C:\\Program Files\\cvsnt\\" "C:\\Dvpt_tools\\Codegen\\Vislink_1.9902\\" "C:\\Pr
ogram Files\\Subversion\\bin\\" "c:\\Program Files\\QuickTime\\QTSystem\\" "c:\\
Program Files\\XEmacs\\XEmacs-21.5-b25\\i586-pc-win32\\")
doc-directory:
"c:\\Program Files\\XEmacs\\XEmacs- 21.5-b25\\i586-pc-win32\\"
data-directory:
"c:\\Program Files\\XEmacs\\XEmacs-21.5-b25\\etc\\"
data-directory-list:
("c:\\Program Files\\XEmacs\\XEmacs-21.5-b25\\etc\\")