Even though this game lacks in some areas, it's highly enjoyable so far.
1. LoL is free.
2. I'm not entirely sure what the collector pack offers, however in game there is a micro transaction store, which in the bundles section displays a digital collectors pack. For a small amount of money you can buy various champions that would otherwise cost twice as much or more if you bought them individually with money.
You can of course buy champions etc through normal game currency as well.
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League of legends is similar to DOTA, which was a mod for Warcraft 3. The developers of LoL, Riot Games, also created DOTA, who moved on due to engine limitations posed by Warcraft 3.
Currently the game is lacking map variety, which tends to get a bit boring. That aside, the gameplay is based on the player, which varies and can either be good or bad.
In a match, you have two teams, which need to defend their turrets and nexus, which when destroyed will end game, defeating that team. Each team has to strategize their players, which depends on what each player's champion is.
Champions are your only controllable method in-game to defend your team and defeat the enemy team. You cannot build settlements, as this game is not an RTS. You can however buy items from a store in your base, allowing you to spend gold you earn from killing minions, neutral enemies and enemy champions, in order to enhance your champion's powers.
Every week there's a certain range of free playable characters, and you can always purchase one from the store with either in-game currency or real money to use any time, unless someone else chooses that champion before you for a match.
However some players can be really horrible. These players either die too much, don't understand English, or whinge that their bad because you're using a champion they wanted to use and they verbally harass or rage quit, leaving you to do all the work and possibly being defeated. Well, the later is somewhat understandable if you're new to the game and did well in some previous matches, however if you're lvl 7+, you should own at least two or three champions, so don't whinge or stop playing.
While I admit I take breaks every now and then due to the repetitiveness of the maps and overall gameplay objective, it's a great game even so, and is worth my time.
Remember noobs, read some guides and follow some builds from http://mobafire.com & http://leaguecraft.com - I'm sick of even lvl 15's still not knowing how to build their character and doing crap because of it. Don't skip the beginning tutorials either! They're vital!