The 1915cc delivered in my 2013 VS was as Wolfgang describes - a dead stock (1600) motor with larger bore P&C, but neither the heads, exhaust, crank, or cam to take advantage of the larger displacement. Quality of the parts wasn't stellar, either.
VS would install a decent engine as an option, but you had to know what to ask for.
If you want more details, send me a PM.
Keep in mind that the 'budget' build Alan describes is light years better than what VS usually delivered as their 'standard' 1915 engine.