A lot of people have played Destiny already and own a copy of the game and expansions in one form or another. With the latest bundle, the Taken King Collection which was released last year, now regularly selling for as little as $20 it was inevitable that a new bundle would come along to stuff everything that's out there into one handy package, and thus we have Destiny - The Collection. The Collection includes the base game; the first two smaller expansions of The Dark Below and the House of Wolves; the much larger expansion The Taken King, which was the largest reshaping of the game to date; and the upcoming expansion, Rise of Iron, which is set to be released on September 20th. That's every bit of Destiny content into one purchase.
The Collection also kicks off the upgrade process to bring the playing community from the last gen of consoles into the current gen. With that release of Rise of Iron, Bungie will no longer be supporting the PS3 and Xbox 360 but have provided an upgrade path to transfer progress from those consoles to their latest iterations from the same manufacturer. So PS3 to PS4 and 360 to Xbox One. The specifics about the upgrade can be found on Bungie's upgrade site. The upgrades are now live.
Destiny - The Collection is now available for pre-order for $59.99. It includes the same pre-order bonuses as pre-oveding the Rise of Iron expansion on its own: a black themed Iron Gjallahorn and an Iron Gjallarwing Sparrow. Pre-ordering The Collection will give access to the first 4 pieces of Destiny content immediately (base game, Dark Below, House of Wolves, and Taken King) as we wait for Rise of Iron in September.