Part# is D1VRWLL, it's a part that's required on each machine where log-only data is stored but does not have any limit on the amount of storage (TB's) you put in the machine. ( searching will get slower the more data is in a single machine) (that's why we also have data nodes which are configurations that store data and can searching but do not do correlation and event ingestion.
So depending on your needs you can have huge storage at a fixed price AND even faster search responses by splitting the data across multiple data nodes. (then each machine does however also need a dataStore license when you are using this log-only option).
A data node is "only" requiring a "node license" D1S2JLL which is usually below $1000 per license.
I'm not aware of pricing for dataStore D1VRWLL, but this is certainly above $1000 and I would point you to where you usually get your software for a price on this.
So when you select an event to be "log-only" it bypasses correlation, does not create or contribute to offenses, cannot be used by historic-correlation but CAN be searched in all ways QRadar supports, put in dashboards and will show up in reports. The events marked this way will NOT count towards EPS.
hope this helps.