I like to collect games. I don't really care if games are black label or not. I mean, if I'm staring at a game shelf at a store and there's a sealed black label and a sealed greatest hits sitting next to each other for the same price, I will go with the black label version. However, if the greatest hits version includes DLC, extra features and / or bug fixes, I will go with the greatest hits version because it is the definitive version. Getting the definitive version of a game is much more important to me than the color of the box art. I'll also always get the greatest hits version if it's sealed and the original is priced outrageously for a sealed copy. I'm kind of a stickler for good condition, so I will always get a sealed copy, greatest hits or not, if the opportunity arises. For example, Final Fantasy VIII, IX, X, X-2 and XII are all under $20 dollars for sealed greatest hits copies on Amazon, whereas the sealed black label copies are priced about 6 times as high. In these cases, I'll go with the Greatest Hits version as well.
I've never heard of a situation where a greatest hits version is worse than the original. You asked about graphics and audio, those are never downgraded in greatest hits versions. Here are some of the greatest hits versions of games that I have where there are differences from the original black label release. I may have more than what I list, but these are the ones that have differences that I am aware of.
Call of Duty 2 Platinum Hits Special Edition on Xbox 360 comes with a bonus DVD.
Fable 2 Platinum Hits on Xbox 360 comes with all the DLC.
Forza 2 Platinum Hits on Xbox 360 comes with 2 new tracks and 43 new cars.
Halo Wars Platinum Hits on Xbox 360 comes with all DLC, including extra maps and game types.
Mass Effect Platinum Hits on Xbox 360 has improved gameplay, inventory management, and a bunch of other stuff (same as PC version). It also includes a second disc with extra behind-the-scenes footage and stuff. The DLC "Bringing down the Sky" is also included.
Batman Arkham Asylum on PS3 comes with all the additional DLC and 3D support.
I'm sure I am forgetting some, but you get the general idea. With greatest hits, you either get the exact same game, or in some cases additional DLC content and features like 3D support, along with a different looking cover art.
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