Basically what you are paying for is the addition of a lot of accessories from the P&A catalog, but they are installed at the assembly plant instead of after the sale. There are a few so-called SE parts included in that list of accessories, like the larger engine, SE air cleaner, etc., but there are no real higher quality engine parts or real racing level parts. There is also an exclusive paint scheme. Think of it as a high end option package, similar to what you find from car and truck manufacturers.
Sadly, the premium price for a CVO does not buy you better quality or reliability. What it does is make a lot of money for H-D and their dealers, and it saves a few bucks for customers if you consider how much adding all that stuff after the fact would cost. If a person is the type to actually go out and buy all that stuff and put it on his bike, and then buy a special paint set or get a custom paint job, buying the CVO package saves him money and effort.
Jerry