[wladimir]

It seems to do a subtly different thing by default, though: the git bundle makes a bundle out of the entire repository. The hg bundle bundles the commits that are 'not known to be in another repository'.

[callahad]

Yep, that's correct. It also differs in that you use "hg bundle" and "hg unbundle" instead of "git bundle create" and "git bundle unbundle"

If you want a one-shot archive of the entire repo, just specify -a or --all on the command line. Here's an example: http://pastie.org/1617081