Yes, it's a "stuff" pack, and not an expansion pack. So you get the wallpaper, the flooring, the windows and doors, the decorations, the outfits, and the dancing snowman (something which was desperately needed in the Sims 2, obviously), but nothing else.
This might work a little better once Seasons comes out, but the idea of creating a Yuletide home in sunny Pleasantview just doesn't work. Its the gaming equivalent of hearing Christmas music in the shops when it's still August.
It's a little too specific to a particular times of the year, unless you want your Sims to be celebrating New Year and Christmas every day of the week. The clothing extras aren't particularly extensive, however the furnishings and decorations are pretty enough.