The kit itself includes a pre-cut Kydex along with the leather and all the hardware. Extra hardware is included as the holster is fully adjustable. While many holsters are riveted so the tightness of the grip on the gun can't be adjusted as the holster wears in and ages, the Old Faithful has several sizes of spacers and allen screws so you can tighten and retighten it to the desired grip on your firearm. The leather is a decent bit thicker than that of my MTAC and I opted for black rather than natural (an extra $3 option) and standard black Kydex (many other colors are offered).
Here's the kit that arrived.

Their website provides some great videos showing how to assemble the holster and it takes less than 15 minutes to do. The kit provides a Hex key for the screws and an extra little piece of leather with a hole in it to assist in pounding the leather anchors through the back. Pound the anchors in with a hammer, throw spacers over each (start with the medium sized ones (4 sizes provided) and screw the Kydex and belt clips down using a finishing washer. Test fit the gun. Grip it with one hand on the Kydex to simulate pressure from wearing it in your belt and draw the gun to see how it feels. Tighten or loosen the screws to the desired tension then try it on.

Overall really happy with the kit. Awesome quality and great price. Gotta love the 50 year warranty on it too. Only thing I may do is buy some of the Comp-Tac belt clips to replace the heavy-duty metal ones included with this kit as they're a little hard to clip on because they hold so tight (not really a bad thing). I was going to buy a different Kydex to swap out on this holster when I pickup a G19 soon here but at this price I'll just grab another holster ($16 more to get a whole holster kit instead of just the Kydex). In addition to selling kits and pre-assembled holsters, they also sell everything you need to mold your own Kydex. Thats a bit tempting too. Could make them for friends and family. Definitely worth checking out if you're in the market for a nice holster at a great price.
http://oldfaithfulholsters.com