I have long not been a fan of collector's editions, but in general it doesn't really hurt anyone. Typically the collector's edition of a game comes with a better case, maybe a little figurine or poster or somesuch. The only time I'm really annoyed by the concept of multiple versions of a game is when one version comes with more bits of the game than the other, like extra maps or such.
Fortunately, the Collector's Edition of Unreal Tournament 3 for the PC doesn't fall into that category. Their CE version comes with a ten hour video tutorial about game mods, a history of Unreal Tournament and behind the scenes stuff for the game. The history and behind the scenes stuff don't really interest me, but it's really quite clever of them to pack in a tutorial for modding, since that's what usually keeps their latest version of the franchise alive for so long.
The PC LE version will sell for $US 60 starting in November in the US, Europe, South Africa, Australia and most other territories.