As of March 24th 2015, the EVE Client is able to download new or changed resource data, such as textures, sounds, ship models and so on, on the fly when they are first encountered in game. This keeps the installation files and patches for the EVE Client smaller, allowing quicker access to the game after installing or updating the EVE Client. Those resources are being downloaded into a shared cache folder which can be used by all EVE clients running on the same computer, saving disk space and bandwidth usage in multi-client scenarios.
The installer will only contain the basics that are needed to start the launcher, the launcher will then install the basics needed to run the clients allowing you to start playing EVE much quicker than was possible before. While playing, the EVE client will then download any additional resources into the shared cache as they are being encountered.
The Shared Cache
The Shared Cache is the folder where the EVE Clients will save all the resources to, in order to be reused as needed. By default, the shared cache will be created within the folder specified during the installation or the resource file conversion after an update. The location of the Shared Cache can be verified and changed within the "Shared Cache Setting" of the EVE Launcher Settings as well:
The EVE Launcher also contains the "Download All" setting, which will download all the remaining resource files in order to complete the resource cache. This will limit the resource downloads of the client to changed resources only. Please keep in mind that enabling this option will cause the EVE Launcher to not enable the "Play" button until the download of the additional resources has been completed.