I loved Wing Commander since I first saw my brother play it on his 3DO, and god I wanted a 3DO to play that. In the end I hat to wait until I got it on PSone, but played it and finished it so many times, and then Wing Commander IV was due and I was so excited. In the end I didnt enjoy it as much as HotT but still played through it a coupple of times.

Anyway, I just made an account with GOG and am going to buy III and IV.

But I have never played 1 or 2 so was wondering if they are worth a look. How does the story compare to III and IV? 

It's a long time since i played them, but as far as i remember there was not much of a story im Wing Commander. Just some filler scenes inbetween missions. But Wing Commander 2 had a nice fleshed out story. Pretty much what you expect from the sequels, just in cartoon graphics.

But my memory could also be clouded in nostalgia.

Maybe you should try youtube and look for a playtrough or review

disappointing as the story was the best part, and they only sell 2 in a bundle with 1 : /