This is a widely used text for introductory college-level courses on the Hebrew Bible/Old Testament. It's also the Year 1 (Old Testament) text for the University of the South's Education for Ministry, an international program of theological education for lay people (I'm a mentor in the program).
If all you want is an introduction, this is a very good text. It's reliable, main-stream scholarship, and, as text books go, readable.
Several reviews have complained that Collins is too brutal in his dismissal of the inerrancy of the Bible, but he does no more than point out that the text itself cannot support that doctrine. Particularly when you read the Bible with other ancient Mid Eastern literature, the folkloric and legendary aspects of the Biblical text are obvious: talking animals, cast away babies who grow up to be heroes, and divine beings mating with human women (but see more on this below).
That said, Collin's unabridged Introduction to the Hebrew Bible is only $20.00 more. It comes with a CD-ROM of the text (for the Libronix Digital Library System). If you are more than a beginner, the longer original is probably a better bet. The tables work better in Libronix than in Kindle, too.
As far as I can tell, there's been very little updating of the text between the long version (2004) and the Short Introduction (2007).
What got left out is often unfortunate. In the short version, Collins gives chapter and verse citations for the J and P accounts of Noah's flood, but the 2004 long version gives you the text itself. Much handier that having to juggle the text and a Bible. Similarly, the long version gives much fuller quotations from "contemporary" literature like the Enuma Elish and Gilgamesh, allowing you to see the parallels without consulting other sources. Ironically, access to those sources is something the target audience for the Short Introduction is likely to lack.
Even worse, what got left out is sometimes critical. For example, the Short version list "Amphictyony" in its glossary but omits the unabridged version's discussion why the idea that the 12 Tribes of Israel began as an amphictyonic league to protect and serve the shrine at Shilo -- almost universally accepted by Biblical scholars in the 1950s -- has been abandoned.