A Closer Look
The KryoSheet has a silvery surface with a "grain" structure, like a piece of steak. You can clearly see that the material is arranged in a particular direction. The material is completely dry, it is definitely not a paste embedded in some filler. It's not brittle or flakey, but it's not a foil either. You can bend it somewhat, not into a cylinder, maybe half a cylinder before it snaps and breaks cleanly into two pieces—it doesn't shatter. When handling it, no material/dust will fall off, as mentioned before, it reminds me of a piece of fabric.
Turning the sheet around reveals the same directionality, besides that, both sides are identical, there is no "preferred" side that should make contact with the hot surface.
Here's me aggressively demonstrating what the material can withstand. Do note that it does bend and doesn't just break or fall apart.
I handled the sheet with metal tweezers, which can cause minor damage to the material due to too much pressure. Ideally you'll hold it with flat tweeters, not pointy ones, near the edges. I also felt it reasonably easy to handle it with my fingers, especially pushing it around is easier that way. Sharp metal objects can always scratch things, like the PCB of your graphics card or the area surrounding the silicon die, so take your time.
Thermal Grizzly mentions that the pad is conductive, I wanted to test really how conductive it is. Measuring from B to C (along the grain) I got a resistance of only 4 Ohm, which is very low, much less than what I expected. Measuring across the grain (from B to A) gave me a much higher resistance of 50 Ohm, which confirms that there is an internal structure. Measuring diagonally (from A to C) resulted in around 50 Ohm, too, which is further confirmation that the grain that we see is the actual structure and there is no hidden structure across the grain.