My boat had this installed:
The filter cannister is replaceable, and the bowl is re-usable. There is a plug that allows for draining the bowl of water without taking the thing off.
You will also need the mounting bracket, and a few assorted plugs and barbs (the mount has ports for 2 fuel lines in and 2 out. You need to plug one of them, and plumb the others to connect to your fuel lines.)
The Racor mounts are painted aluminum, and look like crap after a season. I went for the Yamaha stainless mount (it comes with a 1-piece filter cannister, which was held as a spare):
When you get the Racor, make sure you get a sort-of industry standard filter (the S3213 is a Mercury/Quicksilver standard layout) so you can easily find replacement cannisters.
One other thing: If you're using your boat in salt water, give the can exterior a couple of coats of automotive wax before mounting it. Cuts way down on rust.