The first half of the first season of "Monty Python's Flying Circus" has some of the best Python episodes ever. I especially liked Episode 3 ("How to Recognize Different Types of Trees From Quite a Long Way Away") and Episode 4 ("Owl Stretching Time"). While not quite as polished as some of the later episodes, it was all equally funny.
The DVD set looks slightly better than the videos released in 1989 by Paramount. The filmed, location sequences look pretty grainy, but that's how they've always looked. With every episode, there is an opprotunity to jump straight to the sketches, or to read a tidbit.
On the extras front, there's a clip from "Monty Python Live at the Hollywood Bowl," scenes from other TV episodes, biographies, Pythonisms, a weblink, trivia games, and the always excellent Gilliamnations art gallery.