Ocarina of Time, Majora's Mask, Zelda and Zelda 2 in one package. Wow.
Gameplay: Each Zelda has the same basic controls, and each Zelda is very easy to play. Movement feels fluid and you won't even believe there's a controller between you and the game.
Graphics: Graphics range from Ocarina of Time and Majora's Mask's more detailed, 3D graphics to Zelda and Zelda 2's 8-bit era 2D graphics. Both look magnificent.
Presentation: The 3D Zelda games provide the amazing cutscenes we know and love while the 2D Zeldas present a more classic style with 8-bit graphics.
Sound: Koji Kondo's melodies will amaze all who have had the pleasure to play Zelda games.
My verdict: An absolute steal, Zelda: Collector's Edition is one of the best deals in history (if you can find it, of course).