A few quirks aside, the Metal Gear Solid HD Collection is a great purchase for those looking for stealth action.
Each of the games functions nearly identically to their original releases with Peace Walker getting a few adjustments to be able to take advantage of the second joystick of the DualShock controller. So as far as gameplay itself, you're not being cheated in any way.
The visuals and sound design are also impressive as well. Both two and three feature in game engine cutscenes with excellent dialog. Graphics have been converted to 720p and run at a consistent 60 fps. Peace Walker, being originally from the PSP, lacks cutscenes in favor of animated comic book style scenes. The effect is a bit cheaper, but no less entertaining.
Still, for all that is good about the collection, there's a lot that's lacking. For starter's, we have a Metal Gear Solid collection that doesn't have the first one? Don't get me wrong, Peace Walker is an excellent game, but here it seems out of place. Secondly, much of the original additional content has been stripped. Metal Gear Solid 3 lacks the online component, MGS 2 doesn't have the skateboarding or Snake vs. Monkey. These along with other bits and pieces are not present in these versions.
However, while it does lack in some areas, it still has all of the value and fun that the Metal Gear Solid series is known for. You also have an eccentric trophy collection to obtain just like any other HD port to the PS3. So in the end, it's really down to whether you enjoy the games or lack the consoles they came from. For $40, you really can't do wrong with it. Just be expecting not everything the originals had.
The Good: Three games for the price of one, excellent visual and sound design presentation, trophy support.
The Bad: Certain additional parts have been removed from the game, lacks the first Metal Gear Solid.