Fresh from Australia - two versions of the Win32 SDK:
The final release (left) is based on the retail release of Windows NT 3.1. The CD and floppy disks were both still sealed.
Installing Windows NT 3.1 from this CD seems to be no different than using a regular retail CD-ROM. While there is a bunch of extra SDK stuff on the CD, Windows Setup ignores it. To install the SDK stuff you've got to run setupsdk.bat in the root of the CD-ROM which gives you a graphical installer. The end result is this all of this:
M Editor is the Microsoft Editor (mep.exe), a 32bit console based editor which I have no idea how to use. Interestingly, at least some of the SDK files are newer than what's included in Visual C++ 32-bit Edition (1.0 for NT). This Win32 SDK has CL.EXE (the C compiler) with a date of 1993-07-24 and a version number of 8.00.3190a while Visual C++ 32bit Editions version claims to be just 8.00 and has a date of 1993-07-20. This Win32 SDK also includes the MIPS version of the compiler, something that is only otherwise available in the special (and now fairly unobtainable) RISC Edition of Visual C++ 2.0 or 4.0
And the March 1993 Preliminary version. Only the floppy disks in this one were still sealed and the selection of documentation is more limited - its all available in PostScript form on the CD though:
The included version of Windows NT claims to be "March Beta 1993 - v1.404". Windows setup is pretty much identical to the final version but unlike the final release this beta version doesn't like the SCSI controller in VirtualBox so won't install (it doesn't support installing from an IDE CD-ROM) - I had to use 86Box instead with the Adaptec AHA154xCF SCSI controller.
Installing the SDK components is the same process as in the final release and the selection of installed tools is the same. No separate program group for online references - all that is dumped into the same program group as the tools and the selection of documentation is a bit different. The C compiler claims to be "Microsoft C Optimizing Compiler Version 0.00.3043d".