NOTE: This does NOT relate to the "IMS content package" option available when adding an activity/resource to a course - this is related to the SCORM setting "Enable IMS Package type" found in:
Admin > plugins > activities > SCORM > "Enable IMS package type"
Moodle 1.5-1.9 contained a SCORM feature called the IMSRepository which wasn't documented anywhere and never worked quite right - this feature wasn't ported to Moodle 2 but we included code that might have allowed SCORM packages stored in an old configured imsrepository to continue to work in a SCORM activity in Moodle 2 - I suspect that code never worked correctly though. The features it provided were mostly replaced by the Repository API in Moodle 2
This is a pre-warning to let you know we plan to remove this SCORM related setting from Moodle 2.6 - it doesn't work and just adds unecessary complexity to the code and UI - posting here to give people a couple of months to object before I remove it - you will need to give me a good reason to keep it as I'm 95% sure it doesn't do anything useful in the current state. See MDL-39239 for some more detail.
MDL-28579 is a feature request to add some of the missing functionality that was possible using the old imsrepository to Moodle 2 - I'm hoping we might get this into 2.6 as well.