I don't think Portable Ops is part of the canon anymore.
I'm both excited and pissed about this. Having just played through MGS3 Subsistance, I know how badly that game needs an HD update. It looks awful now: everything's dark and muddy, and the character models blur into the backgrounds. On the other hand, I JUST BOUGHT Peace Walker. Now, it IS barely playable because of the PSP's control scheme and the game's...uh..."unique" controls. Now here's my question: will Peace Walker be playable on the PS3? With the PS3 controller? Because that might work.
Anyway, I'm ultimately excited about this, especially if there's Trophy support. I'll happily play through all three games again. I wish Twin Snakes were part of the collection, but that's probably impossible. Oh, oh, and I hope that add the camera from Subsistence into MGS2.