The con string tokenization is taken care of in the web publishing MSBuild targets. It's not a part of Web Deploy itself. In your scenario I'd expect that the package was created and app settings are not modified.
When the package is created there are two ways you can see the parameters:
Use msdeploy.exe and pass GetParamters - http://technet.microsoft.com/en-us/library/dd569044(v=ws.10).aspx
You can crack open the .zip file and look at the parameters file inside of it