You can't run the games off the disc. You install them to and the run them from XMB. No new trophies that I can tell since it is the same as downloading them from PSN.
Extras are quite nice and I like the reversible cover art.
so, this isn't a physical copy of the game... it's a pseudo download code. got it.
edit: persona7 below asks a key question on this issue:
edit2: confirmed answer:Can you install the games while being completely disconnected from the internet?
You don't need to be connected to download them, I tried it earlier. if the PSN is ever taken down, for whatever bizarre reason, you'll always have a copy (that you'll still have to download off the disc...) Was super bummed about this because I figured I could delete them off my harddrive and just keep the disc around. Nope.
If it's install to play, do you still need the disc in the drive?
It requires the disc. I tried to play without it and a message appears saying to insert it. I thought my Gamefly rental would give me a complimentary copy of Journey, but I guess not.
although the disc acts as an installer online or off, it is needed in the machine as authorization to play the installed games. seems an okay protocol to me, just odd and not quite the sincere "physical copy" we all hoped this was going to be.
I already own and love all 3, so i probably won't pull the trigger on this. kudos to those experiencing for the first time.