Visuals aside, I can't say I'm excited - it can turn out to be shit just cuz of who's making it. I mean, it's not Bluepoint which are the masters of visual remakes. We have to wait and see, but again, my expectations are very low.
As for the Master Colletion, I can't help but think that it's just going to be PS3 verions with as little effort put into them as possible, even 4K won't change a thing and especially for the very first game due to its age and tech. PS3 HD Collection also had way more games than just MGS2-PW, even though PW in terms of gameplay wasn't very good. I wonder what'll be in the Vol.2. I don't think I wan't to play AC!D games or Portable Ops, no thank you.
Obviously the actual game every MGS fan wants to see on modern platforms is MGS4, but I guess we'll have to wait longer for that one. I hope it'll be a modern visual remaster though with an option to play original game.