I usually try to get Collector's Editions of big releases if the game strikes my fancy. However with Bioshock... I just can't justify spending an extra $70 for a 9" statue. Some people probably do think it's worth it though. I guess I've just started becoming more selective when buying Collector's Edition.
However it does make me worry that seeing this, Eidos is going to pull the same thing with Tomb Raider. Offer a $79.99 edition and then the one with the Lara statue will be $149.99. Hell, I couldn't justify the $20 price hike for Assassin's Creed 3 collector's edition. Once they go beyond $99.99, it's kind of ludicrous, especially since if you enjoy the game then you'll be roped into buying the DLC for between $10-20 a pop.
Borderlands 2 started this by selling out of there $150 ultimate loot edition. Now all developers are doing the same. We can't blame anybody but our selves for this new trend.