I'm not gonna retread the 'gaming as art' debates for these games, troll the 'net for such discussion. What I will say is that these are beautiful games for the PS2 era, somewhat showing their age (they were unfortunate to be played straight after Uncharted 3 for me), but you can get where they are going.
I think I am in the minority, but I prefer Ico to SOTC, despite having to sometimes wait for Yorda to catch up, it has much more engaging gameplay, reminds me of my first Tomb Raidering (if that's a word). SOTC feels overly clumsy with the controls - I think that's a combo of the camera and the fact that I think they were going for the feeling that you are struggling to hold onto the Colossus.
Ico, on the other hand, is such a serene game. I don't think I've ever really noticed things like background music, but I noticed this, because so often it is basically silent. Those used to modern games will say it is too short (I notice there's a Trophy for completing in under 2 hours), but it's quality, not quantity, that I appreciate. Also, I don't necessarily have the bandwidth to get to the end of most games nowadays, so the fact that the end is attainable keeps you going (this is what ultimately put me off Batman AC),
So, I'll give Ico a 10, just because I can. SOTC gets a 7 for me, but I can appreciate people giving it more. I'll give the package a 9 then, with some generous rounding up, and the fact that frankly I'd have been happy with just Ico.
Both games are unique and fun, and they are given a slight boost in graphical quality. But for the most part still very much resemble PS2 games. Certainly worth a rental, unless your only interested in games where you run around and shoot things, if that's the case then you should instead pick one of the hundreds of cookie cutter shooter that are available.
ICO and Shadow of the Colossus were PS2 titles that weren't as popular at the time. But built itself a strong fan-base from those who had played their original release. To anyone thinking about picking up this title, I have one thing to say. Just Get it, you won't regret playing these amazing games. No other game can compare to these two games. Once you've played it you'll become a fan of the game. It's unique gameplay, Powerful story, Gives you a sense of accomplishment just completing this game once. Even though it is a previous generation title, this collection is without a doubt ahead of it's time. You won't be disappointed in playing this collection. One of the rare games that is well worth the time and effort to play.