Collector's editions gives every character you have a lesser tome of learning, and it gives every new character you EVER create a lesser tome of learning at creation.
And for some people (not me), I'm sure the pets are neat.
Lesser tomes are essentially $10-$15 each in the store.
so for $50 over the base, you get $20 in TP, plus $10 tomes for every character you have and every new character you ever create on EVERY server, plus a $15-$25 greater tome for one character on every server.
So, I see $35-$50 in value immediately ($20 TP and $15-$25 greater tome), and you can't discount the $10-$15 tome on every character.
Just based on the tomes and TP alone, it's a value in the long run (and that's without the fluff of the pets and the mask).
And of course, if you ever wanted to stop being VIP, you'd have a huge headstart with the two Classic adventure packs they are giving you.
And the Veteran Status goes across every server. You could start new characters at Level 7 on a server you never played on instead of having to grind out 3000 favor on one of those servers.