When you copy files from Windows Explorer or My Computer, ClipMate captures the data as something called HDROP. That's a format consting of file pointers, which isn't useful to look at, but IS useful to applications that can cut 'n' paste files.
So ClipMate can convert the HDROP into TEXT by "peeking inside" the HDROP and listing the contents. You can turn this on/off in Config | User Preferences | Edit Rules.
So with that option turned on, you get both HDROP and TEXT when you copy. This is often good enough. However, the existence of the HDROP can cause trouble. For example, sometimes if you paste the data into an editor or e-mail client, you will end up with the original files again, instead of the text listing. Why is that? If an application prefers the HDROP over the TEXT, it may do the opposite of what you had intended. So you can force it to accept the text by stripping the HDROP back out of the clip by using Edit | Strip Non-TEXT Formats, before pasting the data. Now there is only plain TEXT on the clipboard.