On April 17th, The White Star Line commissioned ship The Mackay Bennet was sent out to locate bodies of the dead. They recovered a total of 306, although most were wrapped in canvas sacks, their fet bound with weights, and the bodies thrown back overboard after being logged into a book. The Minia was also comissioned to join, recovering 17 bodies.
One month later, the Oceanic was in the middle of a crossing when it came upon a Titanic lifeboat, with 3 bodies in it.
In total, 4 ships found 328 bodies.

The composition of the bodies would depend on their position, I suppose. Had they simply been floating in the water, sea creatures would have been eating away at them, they would have been severely bloated, and the sun would have done a small amount of skin damage.
The ones found in the lifeboat just froze to death... having never been in the water, they probably would have only sustained sun damage and hypothermia. Also, some bodies endured some actual trama during the sinking. It's said John Jacob Astor has severe head trauma. It's believed that a funnel fell on him during the sinking. He was completely unrecognizable, however, was identified by his personal affects on the body, and the initials JJA sewn in his clothing.

If you click the link in my signature, the second one, it's my website, and there are some photos of the dead. THey're VERY VERY rare, and hard to find, but they're of dead bodies being recovered from the ocean, and people enbalming bodies on the Mackay Bennet.