Don't see any source after Bazaar branch

I'm trying to setup a development environment by following the Calibre website instructions. I installed Bazaar and I do the "bzr branch lp:calibre" in a C:\projects directory where I keep my projects. It chugs away, showing progress and eventually says "Branched 13146 revisions." There is now a C:\projects\calibre directory and I eagerly look inside. There is only a .bzr subdirectory. No sign of code like a src directory. I can see inside the .bzr that there is a repository with pack files which I assume are compressed source, but I was expecting a decompressed tree of calibre source in C:\projects\calibre. I've looked around to see if Bazaar made some other directory somewhere but I can't find one. Am I supposed to do something else after the branch? (this is all on Windows 7)

The bzr.log file seems happy with what it did:
...
1507.307 creating branch <bzrlib.branch.BzrBranchFormat7 object at 0x026CB810> in file:///C:/projects/calibre/
1507.319 bzr-colo: setting nick from hook
[ 6608] 2012-09-02 09:38:02.148 INFO: Branched 13146 revisions.
1508.144 Transferred: 585546kB (388.6kB/s r:585329kB w:218kB)
1508.144 return code 0