What exactly would you like in a collector's edition, if I may ask?
I'm kind of sick of stupid trinkets and gaudy shit jacking up the prices of CEs. This is only $20 more, which is arguably worth it for the arbook alone (if it's substantial and not a little flip book or something), plus a steelbook if you're into those and a soundtrack, which costs extra money elsewhere.
Something substantial. A steelbook is just a case (one that doesn't fit on my shelf as well as a regular PS3/4 case). Hell, there's games that do day one steelbooks for free so it's basically valueless. The soundtrack is digital not physical and as a Sony produced game it'll be on Music Unlimited and other services (plus available for purchase cheaper than $20).
The only thing that would make it decent is if the artbook is good, and most CE/LE leave their decent artbooks for separate sale and have a smaller one for the bundles. The only LE I remember that had a good artbook was Tales of Graces f which came with a 100 page book, which I believe was actually a free addition too.
So yeah I'd rather pay a lot less for a digital copy (seeing as how the CE will probably cost $30-40 more here). If there was a limited run of a high quality statue or something like a season pass bundled at a discount I'd be more likely to upgrade.