I agree that your first experience with it is important, and this is a fine way to experience it. Nothing about this collection invalidates any part of the experience of these games. The terror is still there, the atmosphere is still there, the music is still there, and in the case of Silent Hill 2 so are the original voices. I've played about 5 hours of SH2 so far and love it. I'm also watching a Let's Play of the original PS2 version at the same time for comparison, and guess what...it's the same fucking game. The differences are seriously so damn negligible it's sad that people are blowing it out of proportion.
Sure, if you want the optimal "perfect" experience, play the PS2 games, but if you just want to experience the magic of Silent Hill without having to track down PS2/PC copies then this is a suitable replacement. People keep harping on the boat trip...wow a bad water texture, that seriously ruins the entire game?
If I have low standards just because I don't automatically hate everything NeoGAF declares a crusade against then well..I think I'm okay with that.