It has the default/fallback uboot env variables, but it seems there's different ones somewhere else on flash (have the address written down somewhere, not at home atm) that it pulls from. It seems also it pulls from eeprom for the ethaddr variable, maybe others as well. The fallback variables in the 512k bootloader file don't actually even work to allow networking, ethact and a couple others need changed, so I'm thinking there's more that I'm missing.
edit: seems they get stored here:
0x00000000-0x01f80000 : "jffs2"
0x01f80000-0x02000000 : "u-boot"
0x01fc0000-0x01fe0000 : "u-boot-env"