It's a tough pick, it is always in top gear along the mechanical path, however, the amount of power that follows that path is continuously variable, so it does vary the torque that is transmitted just as if there were real gears, or a pulley/cone system.

Another thing which confuses things even more is the fact that GM has a similar transmission in their prototype models that works in a similar way -- an elecrtic CVT, but with two different mechanical gear-ratios as well, and slightly smaller motors, which should (in theory) allow for better top-end efficiency as not as much power would be lost along the elecrtic pathway at top-speed.