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Event Decks, constructed by Wizards of the Coast, are a type of Magic product that have been sold as a part of each expansion since Mirrodin Besieged. Unlike Intro Packs, which are for fairly new players, these are designed to let you enter the world of tournament play knowing you've got a powerful deck that will let you be immediately competitive. Event Decks are Standard-legal during the time they are released, but can be invalidated when an older block rotates out as they usually contain cards from both blocks.
There are seven rares per deck, and they come with four copies of some powerful commons and uncommons. Each deck is designed to be able to compete out of the box, and each one comes with a strategy insert that includes tips on how to customize the deck.
Each deck contains:
a 60-card deck (seven rares and an indeterminable number of commons/uncommons).
a 15-card sideboard
a spindown life counter
a strategy guide
For a full article on both decks, along with the complete decklists, check out this article by Monty Ashley at the Wizards of the Coast website.