A GD-ROM disk actually consits of two data regions, separated by a data-less separator ring. The inner region contains a normal Yellow Book CD-ROM track, and a Red Book CD-DA track. This region can be read in any CD drive. The outer region (outside the separator ring) is the high-density area which contains the actual game data (both files and CD-DA audio).
What little information is known about the GD-ROMs originate mainly from this Powerpoint presentation made by SEGA techs: