3 great games, one package. Some minor porting issues, but otherwise a great experience.
If you're new to MGS, this is a good place to start. If possible, play through MGS1 (it's like $10 on the PSN store) and proceed onto this pack. The gameplay is good, but it's rough switching back down the ladder. For example, many new moves were implemented in MGS3 that makes MGS2 difficult to control when switching back. The stealth experience is great and challenging in each game, and there's a challenge in each if you set the difficulty appropriately. For example, MGS2 is extremely easy until you ditch the radar, but without it it's an extremely tough but rewarding mission.
For those of you concerned with not enough gameplay, be warned. Cutscenes can be lengthy, but the story is immense and amazingly detailed (despite a few contingency issues). It's not for the average gamer in terms of story at times, but there is still plenty of gameplay. MGS2 being the worst offender in story has plenty to offer in the VR missions, as well as the main campaign. MGS3 doesn't have much on the side, but the story is kept more at bay. Peace walker you can sink 50 hours into and still not be finished with all of the missions. It has a slow start, but once it gets going it's addictive.
Pros:
Immersive story and environment
Graphics hold up well despite being made up to 10 years ago
Plenty of stuff to do
Rewarding stealth gameplay
Difficulty can be adjusted in most modes for good experience
Cons:
A few graphical issues from the porting. It looks good but certain textures screw up every so often or disappear.
Few graphical slowdowns.
Controls are rough at times (Pressure sensitive buttons for weapons).
Controls are good per game but switching back and forth can be confusing.
Story isn't for your average casual gamer, especially MGS2 is rather "literary" and can be a lot to handle.
Overall a great pack, tons of gameplay and hours of entertainment, and slightly less expensive! The art book is worth it if you're a fan and love Yoji Shinkawa's work, but if it doesn't matter to you don't waste the extra $30. The games, though once pushing the limits of their consoles, aren't revolutionary here but still hold up well. If you love stealth gameplay, it doesn't get much better than this, and it's a great chance to play a couple of the most revolutionary titles on PS2, and one of the best games of PSP with improved controls.