How does the Microsoft and Apple cross licensing deal work?

https://en.wikipedia.org/wiki/Apple_Computer%2C_Inc._v._Microsoft_Corporation

Does it mean that they get to use each other's patents at no cost? Or it's more like a ratio of patents (aka: I borrow 10 patents of yours so you can take 10 of mine)?

And most importantly, is this for software only or Microsoft could pretty much release the iPhone clone while Apple releases iXbox 360?