The MGS games have always been like time-capsules - relevant only to the consoles of their respective releases. It's telling, that each game would incorporate some sort of fourth-wall, interactive console-play into the narrative, to educate players about how the current technology of the time is helping to further their gameplay compared to past titles. That said, I still think back about the change-disc section of the Psycho Mantis boss fight in MGS 1 - as it was a very thoughtful attempt of merging the real world into a virtual experience (and I doubt nuances like that would be incorporated into the Master Collection in a very relevant, or meaningful way).
I still play the games on a backward compatible PS2, and now with a CRT. Anything less, and I'd feel like I'm selling myself short. Sure, there's the storyline narrative of an MGS game, but that's only aspect of the series, and it gets emphacized way too much in my opinion.