You are looking at the HTML representation of the XML format.
HTML is good for debugging, but is unsuitable for application use.
Specify the format parameter to change the output format.
To see the non HTML representation of the XML format, set format=xml.
See the complete documentation, or API help for more information. 
<?xml version="1.0"?>
<api>
  <query-continue>
    <allpages apcontinue="Base" />
  </query-continue>
  <query>
    <allpages>
      <p pageid="2724" ns="0" title="BDC Meeting Exec 20070214" />
      <p pageid="2741" ns="0" title="BOM" />
      <p pageid="2715" ns="0" title="Balance Sheet" />
      <p pageid="2718" ns="0" title="BankStatement Enhancements" />
      <p pageid="2719" ns="0" title="Bank to Bank Transfer Transaction tips" />
      <p pageid="2720" ns="0" title="Bank to Bank Transfer Transaction tips (Cross Organization)" />
      <p pageid="2716" ns="0" title="Banking" />
      <p pageid="2717" ns="0" title="Banking Setup" />
      <p pageid="31052" ns="0" title="BardenBlocker837" />
      <p pageid="2721" ns="0" title="Bargaining power of customers" />
    </allpages>
  </query>
</api>