The dump contains only a few kinds of files.
1. System
The various files that contain the Dreamcast binaries and driver for the game, as well as a little bit of media.
1st_read.bin (6MB)
audio64.drv (20KB)
manatee.drv (33KB)
stream.mlt (288 bytes)
2. GEOmetry
The aforementioned GEO files. There are 149 of them, and their names identify them as character and stage geometry, as well as a few that are dedicated to things like menus. The alternate costumes for characters have their own GEO files. The largest of these is 840KB and holds the weapon geometry (for all weapons, it seems).
3. IMG textures
Uncompressed 16-bit XRGB top-to-bottom bitmaps. Concatenating an appropriate header makes them viewable as BMP files. There are 149 of these, one for each GEO file.
4. KAT audio
Uncompressed sound archives for various characters and contexts. All the game's sound effects other than stage music are stored in these. (The stage music was written as audio tracks on-disc.) Each character has an associated KAT file and there are others for generic and menu sounds. I haven't fully figured the format out, but I can cat these to /dev/dsp in Linux to hear the audio. Pretty sure it's 24-bit. These are all smaller than a megabyte, and the KATs for characters are each around 300KB.
5. SFD video
Various video files in a proprietary format. Converters exist for these.
Other than these, there are only two files. There is 0gdtex.pvr, which is an image in the standard PVR dreamcast texture format and displays the disc art for use in the system menu, and warning.da which is a graphic that I haven't bothered to pick apart. I'm pretty certain it just contains an antipiracy or rating warning or some such. These files are 128 and 863 kb, respectively.
I have not yet been able to put the game files back together into a playable game, since I do not have a working dreamcast emulator right now. I'll work on that, but mostly I've been trying to do this to export the characters into other games. (My original goal was just to see if I could get them into Quake or Source as player models.)
EDIT EDIT EDIT EDIT EDIT EDIT EDIT EDIT
Here's a verbose listing of all the files. I added it to the dropbox:
http://drop.io/zr0gklg. Ignore the directory structure; that's mine. On the disc all the files exist together in one directory.
SOME INFO ON THE FILES NAMES
The character files are given character prefixes, like SZ_ for Sub-Zero and CY_ for Cyrax. Each character has several GEO and IMG file pairs. the standard costume for each character is simply named _GEO.(filext). So the standard costume for Reptile has the model RE_GEO.GEO and texture RE_GEO.IMG. First alternate costume is named _A_GEO (e.g. SZ_A_GEO) and second alternated (for characters for whom a second alternate exists) is _G_GEO. Each character also has a _M_GEO file, which is just an image containing a moves list for the character. *_M_GEO.GEO is always just a trivial mesh, probably just a rectangle, but the moves list is stored as an IMG and there is no IMG without a GEO. Many characters also have a *_FAT_G pair which contains art used only in fatalities.