Ok well ive been wanted to play through the MG saga lately. The only game from the series ive played was Twin Snakes, and only a part of it, and a long time ago. So i basically remember very little.

So here is my plan. Buy Twin Snakes, then the Essentials Collection, and then MGS4.

Problem is i dont have a PS3 yet, so ill be buying Twin Snakes first. Ive heard different opinions about the game, some say it sucks compared to the PS1 game, others say its much better. Should i play through the original first, and then Twin Snakes (or vice versa), or just skip TS/MGS1 altogether?

Another thing is the Essentials Collection. I read that Subsistence is only half complete in that bundle, and that its missing the second disc. Just whats on the second disc besides the online mode (which is off-line anyway)? Is the content on disc 2 important enough to warrent the purchase of the indivdual game?

Finally, i know that the 80GB MGS4 PS3 bundle is only partially backward compatible with PS2 games. Ive heard that some people have had MGS3 lock up while playing on a software BC PS3. A new firmware update has fixed this perhaps?

you play them in order...MGS IS VERY STORY HEAVY, its beats RPG's when comes to that.

MGS 1 or TS
MGS2
MGS3
MGS4

and try to play MGS PO too!!!

Play the original MGS first than Twin Snakes imo
MGS3:Subsistence packaged in the essentials collection is missing disc 2 which had Metal Gear and Metal Gear 2: Solid Snake for the MSX2 ported to PS2...you can read the storylines here if you don't get a chance to play them
http://metalgear.wikia.com/wiki/Metal_Gear_Wiki

@Xxain
I thought MGS3 was the first game, as far as story goes?

@AnarchyWest
So thats all thats missing from the Essentials collection hu? The dead online mode and the two classics?

I suggest you play Metal Gear Solid: Twin Snakes. It's everything Kojima wanted for the PSX version. He couldn't do everything he wanted on the original version due to hardware limitations at the time. Some people complain about the over the top scenes plus Snake being way too badass for no reason, but I've read somewhere that this is how Kojima wanted to portray Snake in the first place. Silicon Knights did a good job at porting the game (plus adding some new features from MGS2), and it's a must buy if you want my opinion.

Still, I always think it's better to play the original version first, but I'm not sure if you have much time to play lots of games this summer or something? I mean, Metal Gear Solid on the PSX is still worth playing, but don't complain if you feel like the characters look like weird-shaped polygons and stuff (oh, and the outdated sound... oh my!)! xD

Also, the content of the second disc of MGS3: Subsistence is somewhat important. It contains both MSX versions of Metal Gear and Metal Gear 2: Solid Snake (the best versions). You could always start with those two games before Metal Gear Solid. Oh, and there's also a little Ape Escape kind of game on the disc (it's fun, hehe).

I can't say about the firmware update, but I guess, like you said, it only happened to a few people. I would take the chance. You could be lucky and it won't lock up on you.

Have fun enjoying one of the best franchises ever. ;)

Oh, and yeah, the order of the games go like this:

Metal Gear Solid 3: Snake Eater
Metal Gear
Metal Gear 2: Solid Snake
Metal Gear Solid
Metal Gear Solid 2: Sons of Liberty
Metal Gear Solid 4: Guns of the Patriots

I suggest playing the games in order of release
Metal Gear
Metal Gear 2: Solid Snake
Metal Gear Solid (you can play Twin Snakes if you can't handle the true classic)
Metal Gear Solid 2: Sons of Liberty
Metal Gear Solid 3: Snake Eater
Metal Gear Solid: Portable Ops
Metal Gear Solid 4: Guns of the Patriots

You should play Metal Gear Solid 3 first. Then MGS4 last, which is the icing on the top.

Play 3, Twin Snakes, 2, then 4.

I don't recommend playing 3 first; I would go in order. Also, I would go with the original MGS over Twin Snakes, but that might just be nostalgia talking.