It also exports an ".ibooks" file, which is an epub file with a different filename extension. This is the file that gets shipped to ibooks.
It looks like standard epub, with some additional files (so it _should_ degrade.)
Apple put some ncx extensions (looks like thumbnails) into a separate file, and referenced it from a meta tag in the .ncx file. They added their usual com.apple.ibooks.display-options.xml file, that they have for their fixed-layout epubs, but I think they're using CSS for layout in the new files.
The xhtml/css generated from their app doesn't render well in a browser or calibre. I suspect that's because of their use of avant-garde css features (e.g. @page ). I think these files would be able to degrade to other epub readers with some css tweaks.