Calling this set 'The Definitive Collection' couldn't have been more accurate.
Disc 1 (Mr. Bill Classics), holds all the original shorts seen on SNL, remastered and looking better than ever before. There's the occasional film grain from the original super-8 prints from the 70's, but this looks alot better than the current VHS version. As far as bonus features, there's two games, which when beaten allow you to access two different shorts created by Walter Williams. There's also a photo album, yearbook feature, commentary, and G-rated prints (cutting out all 'gore' and 'animal harming' from the shorts.
Disc 2 (Mr. Bill Does Vegas) contains the Mr. Bill Does Vegas special (currently on DVD, but remastered). There's also Mr. Bill Goes Hollywood, which features all of the Mr. Bill shorts featured on the Fox Family channel. No extras on this one.
Disc 3 (Mr. Bill Christmas Special) contains the Christmas special, and Mr. Bill's 20th Anniversary Special (both currently on VHS). The bonus features contain an interview with Walter Williams, SNL promos, bloopers, unseen shorts, scrapbook, and more I haven't even begun to watch!
The only thing not contained in this set (to the best of my knowledge) is the video Mr. Bill Looks Back. This set nonetheless is the definitive collection, taking 30 years of Mr. Bill, and putting them on 3 small discs. A must buy for fans of SNL and Mr. Bill alike!