I'll start with the good news. Colonies Edition contains the full campaign mode and online features that the original did along with a whole lot more. The visuals look the same to my eyes, which is still quite impressive all these months later even if it still is plagued by screen tearing. If you haven't played Lost Planet and are considering it, this is the definitive release. It doesn't end with the campaign either thanks to new modes and more. You can even try the game from the first person, if you like (I don't).

Source: IGN