Let me start off by saying that Sly is great! With that said, the Sly series was my third favorite 3d platformer series on the PS2 (out of the 3 I can recall). But when the platformers are better, IMHO, than anything else on the platform, that's not a negative.
This collection looks great. Almost everything was upscaled for the PS3. A few cut scenes here and there are in the original resolution (none longer than 2 seconds), and you can really tell how sharp everything else is due to that. The cell shading seems even crisper here than my favorite series, the Ratchet & Clank games, specifically made for the PS3.....
The controls are a little wonky here and there, but that's nothing different from the originals on the PS2. But those are only in a few missions.
The story telling here gets me a little upset. I remembered the first PS2 game pretty well, and the second extremely well. The third, let's just say it took me to get back into the third game to remember it. Yes, the third is the most varied in game play elements and the one that introduces the highest degree of difficulty, but it was a let down when compared to the second.
Yet, I think I'll remember the third the most on the PS3 collection, due to the trophies: specifically the trophy that requires you to successfully perform all the challenges. Most are relatively simple, but a few will be extremely frustrating. In total, there are 42 challenges, and 2 or 3 took over an hour a piece, just to get exactly right. They're not difficult, just frustrating. Since they're not part of the story, take that criticism for what it's worth to your game playing habits. On the flip side, this disc does contain 3 platinums, and even the difficulty of the third game isn't too bad.
As for the mini-game collection: it's lame. They're quick tech demos to show a few things you can do with the PS move, yet they work well enough with the controller.