Personally, considering that even the lesser of the two Collector's Editions was still $100, paying only $5 for four skins and heads, as well as a grenade, isn't too bad.
According to the wikia page, the damage scales to your level. That makes me think that, even if you got it at level 5, it would still be a viable option at level 30, as it scaled with you. Though, scaling may mean it simply scales to the level you are when you receive it. I don't know.
Wii FC: 3351-9107-3724-8137 Name: PJ XBOX Gamertag/PSN ID/Nintendo ID: Vash8806
The grenade makes fireworks. It shoots into the air and explodes, and will not damage anything on the ground unless you are indoors with a low ceiling. Just so everyone knows. If you are on the fence, join someone who has it and ask them to use it. It is not super functional in my opinion, but it looks cool. Same value as a skin or head.
Edit: sorry, didn't see there was a demonstration video link. Still might be worth seeing in action though.