It's a little different this time. In the past it was a collection of multiple games (e.g MGS HD), the upgrade was pretty significant and you didn't pay full price. They also didn't come this early in the Console life cycle. I played a ton of great stuff between retiring my original MGS games and picking up the HD Collection.
Now they are just releasing stuff they originally released less than a year ago. Like GTA V and The Last of Us. I still have my PS3 and 360 set up.