Sure there is. There's a folder called "patch documentation" included in the zip archive. If you look in that folder, there's a file called "Morrowind Patch Readme.htm", which is the readme file. There's more stuff in there, of course, but that file should go a long way in answering your questions.
And yes, I'm indeed sitting and looking at the archive for patch v1.6.4 right now, so please don't tell me that I don't know what I'm talking about. :-)
Does the patch project fix the "killing the Ash Vampires should make Dagoth Ur weaker, but doesn't actually do so" bug?
Also, does it fix the Arena Pit spell bug? When dueling NPCs in the Arena, spells or enchanted item effects that have a range of "on Target" without a blast radius on them simply pass right through(!) the NPC you're dueling. Is this awful bug fixed by the Patch or Code projects?
In the name of gaming quality, I post this link! http://www.youtube.com/watch?v=BhZQEvg1V0Y