Certainly a sold addition to any Zelda fan's collection, this disc has four "classic" games which you can select from. Now these games have all been around for a while, so I'll keep it brief:
Zelda NES is a classic and although you'll be dying often and in dire need of a map it is still very enjoyable even to this day.
Zelda II is almost nothing like the first- instead of top-down adventure, we get a sidescrolling fusion of hack-and-slash gameplay and RPG-style stats. Still, a fun game if you go in with an open mind.
Of course OoT sets the standard by which every modern Zelda title is held to, and it doesn't disappoint. The game basically sticks to the formula of LttP but instead is in full 3d.
Majora's Mask could be called the Zelda II to OoT's Zelda. It's a fun game on its own, but it just doesn't feel like a Zelda game despite copying the entire engine from OoT, not to mention that you never once see Ganon, Zelda, or any of the other series regulars aside from everyone's favorite kokiri-who-is-really-Hylian.
Overall, as I said, it's a solid compilation, but it suffers from a handful of flaws and omissions.
Firstly, and this is the biggest one, instead of properly porting these games Nintendo decided to emulate these games on the 'cube. This would have been alright had they done a proper job making their emulators, but the emulation is prone to crashing. I don't understand why, especially when freeware emulators for both the NES and the N64 can do basic emulation and so much more without a hitch...
Secondly, and this is more likely to matter to the Zelda buffs, was the fact that while we did get some of the main console titles, they left out one in the middle to make us buy the GBA port: LttP.
Finally, I personally would have also liked to see the inclusion of a few handheld titles like Link's Awakening and the Oracles games, but that's water under the bridge.
All-in-all, it's a neat little set, but if you want reliable gameplay, stick with emulators.
Zelda collectors edition is good if you do not any of the games on the disc. I have both nes games and the graphics are worse on the collectors edition. Buy it if you do not have any of the games on it.