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>
    <pages>
      <page pageid="1" ns="0" title="Main Page">
        <revisions>
          <rev user="IsostickAdmin" timestamp="2012-12-06T07:12:17Z" comment="Protected &quot;[[Main Page]]&quot;: High traffic page (‎[edit=sysop] (indefinite) ‎[move=sysop] (indefinite))" />
          <rev user="IsostickAdmin" timestamp="2012-12-06T06:49:02Z" comment="Adding note about bans" />
          <rev user="Eric" timestamp="2012-10-25T13:17:38Z" comment="" />
          <rev user="IsostickAdmin" timestamp="2012-09-07T15:16:15Z" comment="Initial home page." />
          <rev user="MediaWiki default" anon="" timestamp="2012-09-07T04:46:09Z" comment="" />
        </revisions>
      </page>
    </pages>
  </query>
</api>