All the files (90+GB of them) are on your hard drive. As with every previous version of FS, there was the opportunity to specify the install path on the screen with the install button (but we never see that "Browse" button in time, do we...). All the dds files are there, the aircraft.cfg file etc. However we still need to understand how the new packaging system works, so we can distribute repaints. But that will come...
And now it's easy to relocate the installation after the fact, since it's just a matter of move the folder and change one cfg file reference to it.