I enjoyed this boxset a lot.
It contains two discs: the first two episodes fit on a single disc; the third episode is on the second disc.
As for the movies themselves, apart from the first one, I found the third episode not bad at all. Actually, it was quite entertaining. The second episode is insignificant, though not ugly.
I do not agree with those reviewers that believe this blu-ray set doesn't look much better than the dvd edition. It might not be the best blu-ray release ever, but in my opinion the picture is far better than the dvd.
While I do not care much for extras (I already owned the dvd special edition), I found the lack of any subtitles on the first two movies rather annoying.
The third episode is indeed subtitled.
About the supposed "porn" scenes, now that's a bit of an exaggeration. And anyway, the big red "18" on the front cover should prevent anybody from showing the movies to his six years old child.
All in all, I believe the set is definitely worth the price.