Yes, the HTML is present as CF_HTML. See reference on MSDN: http://msdn.microsoft.com/en-us/library/aa767917(v=vs.85).aspx
If you just want to SEE it, ClipMate has a Binary display that will show you a binary dump of the data. It's available in the trial version. If you don't see the Binary tab in the display window, turn it on in the Tools | Options | Editor dialog.