I've been cautious the moment I saw the MGS1 gameplay from their trailer. It's 4:3 with borders, so I'm not sure why it's listed as 1920x1080 (at most it's probably zoomed in, not expecting a widescreen hack). Even without widescreen, it still looks like it's just a PS1 emulated version without any enhancements at all besides the resolution
IIRC MGS HD Collection that was released on PS360 (and Vita), was 720p and 60 fps (with dips)
They are selling this for around 60 bucks, with bare minimum effort, so I'd advise people to wait until there is a discount instead.
Konami messed up their Silent Hill HD Collection before, so I'm not expecting much.