For those that offer something truly limited, and truly desired, then of course it's worth it. Aye it's a luxury, aye it's never really needed, but what are video games to start with if not toys for our entertainment? Thus, if if it will really make someone happy as an owner, collector, or to create memories with, why not a Collector's Edition?
The trick like so many other luxury items is simply to ensure you get what you want and will continue to appreciate. A remote control car may seem like a keen idea to start with, but if you will never use the thing as a toy of it's own, nor will you ever wish to look at it as a collector's item modelled somewhere in one's home, then I dare say it's not worth it.
Now as a concept for the gamers as a whole? I would have to say nay, it is not truly worth it. Outside of really good deals or found months/years later somehow still complete, the price of the individual parts combined vs the price of the collector's item is rarely the same. As an incentive to purchase the game it works off hype and early excitement to be sure, but rarely benefits us as players to support the idea of Collector's Editions in general.
As a business model? I honestly do not know as I've never really looked into it? Does anyone know how well these models do for Konami with Metal Gear Solid or Acctivision with Call of Duty or Warner Bros with Arkahm (Batmobile notwithstanding) and so forth? Does it spur great pre-order purchases in stores and online? Does it generate any noticeable increase in popularity or internet trending behaviour?
Personally I've only gotten a few Collector's Editions and they were for art books, often ones that never saw a re-release and I'm okay with that. I found value in looking at something I cherished and help bring back fond memories. I can't say I ever saw much appeal outside of an initial laugh for that too-small-to-fit-anyone Halo Master Chief helmet when I put a Sonic The Hedgehog hat onto it two other games my mates got.
Though I'm a collector of games themselves, and my criteria only goes as far as "is it a physical disc or cartiridge or card that works?". The rest is nice to have, but never needed.