Have I missed it or has Raw never been collected ?
One of the big book publishers did a "best of" of the first three issues way back in the 80s. The the last 3 issues came out as books--so it went from tabloid size to something smaller than a usual comic trade, which, to me, killed some of the appeal (that and the increase in price).
It's probably ripe for a collected edition, but my guess would be that getting the rights together would be quite a job (many independent creators, foriegn reprints, etc.)
The oversized format as well as all the supplementary material and cover gimmicks are all cool bonuses. I'd rather have the mags if I can track them all down for a decent price. Same as Hi Fructose Magazine. They release a nice hardcover reprint collection. I don't know if it's complete or not, but was lead to believe it was a "best of". Also assuming it doesn't have the cool inserts from the mag. So I just continue to buy the mag.
I have to add my vote to the overwhelming majority so far: bendaydot. That Conan Treasury back cover looks even better when it's in your hands rather than on the screen. I'm pretty sure you can get the back-issue at not too crazy a price, so I'd advise anyone who likes it to keep an eye out for it.
I was also tempted by several others, especially jodoc's Howard the Duck, which was the one I thought might be a source of contention if someone else picked the back cover, since to me they go together (the back cover is a rear view of the front); and dupont's black & white Cannon 4 cover, which I'd never seen before.