Everything that is included with the PnP version except...
2 servos (rudder and elevator - the two aileron servos are included and installed)
Motor
ESC
So, if you purchase this and a motor, ESC, and 2 servos (from HobbyCity for instance) you have got a very nice "painted" BF-109 for very little investment!
I used the two aileron servos from the wrecked 109 and installed them to operate the flaps (hardware for flaps is included with the airframe as well

Anyway, this (to me) represents a GREAT deal!