Yes!!! I just received the 12x12 paper pack today and it's just the usual graphic 45 paper.... gorgeous, absolutely gorgeous!!! It's got all the months and the cut outs (so 24 of those pages). Also one large calendar page and one small calendar page on the back of that and one page of cut out words backed by tags (26 pages total with oddly, 2 blank pages). You can easily make an entire year calendar with just the 12x12 pack. And did I mention that it's gorgeous?
madmatter-Regarding the question about the holidays-the December cutouts are more snowmen, Santa, gift, mistletoe/holly and cooking oriented rather than religious. Lovely red/green/cream colors.
Also, the design on the back of each month isn't directional-you could make a calendar that flips open vertically (like regular wall calendars) or one that opens like a book.
Hope this helps. Oh, and it's gorgeous.