There's no real way to hide from a collector's edition. Every game is going to have one, and if you disagree - it's only because you have yet to find it. Mark my words.
This edition is supposed to be limited in quantities, though I would wager that there will somehow be more copies trickling in after the initial rush. The fun'o'plenty pack is going to have a tin case, a hard cover "Art of Mass Effect 2" book, an issue from the Mass Effect Redemption comic and a behind-the-scenes DVD. Bioware is also saying that there will be unique in-game weapons and armor that can only be obtained by purchasing this edition.
I'm hoping that this "unique content" is different than the other "unique content" suggested that gamers would recieve upon completion of the Mass Effect side story, Galaxies aka Jacob's Story, title on the iPhone. Bioware has suggested it will be content that can't be obtained any other way, but they might rephrase that to mean, "any other way on consoles".
You'll have to excuse my cynicism, all of these collector's editions have me a little jaded.
Other bonuses for this title have been announced before. If the game is pre-ordered at Gamestop, players receive the Terminus Armor, which gives their hero increased speed and shields, and the M-90 Blackstorm Heavy Weapon, some sort of gravity weapon.
If you have turned away from the vortex-like pull of the Gamestop pre-order, and you pre-order it elsewhere, you get the Inferno Armor, which gives you a negotiation bonus (coming in handy for wooing the blue women I'm sure), increases speed, and ups combat powers.
Lastly, for those out there who have picked up Dragon Age: Origins, and have registered it, you get the Blood Dragon Armor for use in-game (pictured below if you have yet to see it):
I just realized the prize from the iPhone title might be Apple-branded armor.
Crap.
In any event, the Mass Effect 2 Collectors' Edition will be available for $69.99 on the Xbox 360 and $59.99 on the PC, about $10 bucks more than the regular version.. Not too shabby a price point.