First two pictures: Box, still sealed with 3 plastic straps, and then with the straps carefully removed (didn't have to cut them!):

First thing you see after removing the top lid:

Front and back of display after removing the outer box: (Note protective coating on the plexi-glass door, two keys taped to the outside of the door, and some of the printing has been rubbed off the display from wiggling around in the box. They weren't meant for commercial sale, so this kind of scuffing apparently wasn't a concern).

Inside of display, all the other parts neatly packed away: (Black parts on the back of the door hold six boxed cartridges for display)

Everything inside laid out for inspection: (Blue bag is the backdrop, clear bag beneath it is the top of the stand where the Vectrex sits. The two brown bags on the left are just full of foam to fill in the spaces. (Can be seen above as well))

Close up of the smaller parts, a complete Vectrex display should include the items mentioned above plus: 2 shelves, 3 metal dividing racks, 4 stabilizer feet (came in the brown bag), 1 black metal security clip (just in front of the base, used with two wire hooks to fasten the Vectrex to the display.), a 'hardware pack' (plastic bag with the 2 hooks, and numerous screws and bolts), and the 3 page assembly manual (available in PDF format).

Here's the top base and the backdrop sitting in place, unwrapped. Fully assembled pictures will be added once I get this from my parents house to my place and have the Vectrex unit and games all stocked in the display (and I'll probably replace the door with a glass one so I don't have to unwrap the plexi-glass one...) :)