Yeah a lot of it is utter crap and useless (often purely cosmetic). I'd rather get an art book or a soundtrack, even a 'making of' DVD.
I mean I don't mind if they add in the extra in-game stuff along with the physical bonuses.
I think what that does, by having extra in-game content (that matters), even if it ain't much, it makes the gamer GO after that edition b/c they want all the in-game content they can get. And often, that stuff -- it ain't worth the price of the CE. Personally, I think it's annoying. Collector's Eds should give you more junk that isn't in-game -- stuff that's optional and isn't in-game.
When they pull that shit of "Extra in-game content only in the CE", it's almost -- but not as quite as annoying -- as when a new music album comes out, there's like 43 Editions all found at 43 different stores. The Best Buy Edition of an album gets an extra song to download w/ your special little "Free Online "Download" Code, while maybe Circuit City Edition of the same album might get some OTHER extra song that comes right on the disc, meanwhile Target Edition of the album gets a new Ringtone & Phone Wallpaper, while if you buy it from ITunes you will get a music video. Ummm....WTF? Can you just make a ONE Deluxe Edition that is the same for everybody w/ ONE extra disc w/ all this scattered everywhere extra content in one freakin' place?
I think in Guild Wars you had a special halo over your character's head if you got the presale or the CE.
Yeah, I don't mind that -- which all that does it lets other players know "I bought the Special Edition." That's actually pretty cool.

I don't mind that buying the GW Collector's Ed got basically extra dances and emotes, which really do nothing much to the game itself. That stuff doesn't have a major effect on the rest of the game itself, at all.
But, there are extra armor, weapons, and items and junk, in the GW: CE, as well -- so, bleh on that! And often if you Pre-Order a "Chapter" of Guild Wars, you can get more in-game content -- bleh @ that!