The recoloring jobs are amazing—really nice hand-painted stuff. Both Volume Ones have the same reprints, yes, although at some points the printing quality in the larger collection looks a little better, but it's not a significant difference (I'm just a details freak).
The 8-page intro (it's the same in both books) is of April interviewing Splinter. He tells her the Turtles' and his origin stories, a short little blurb about their enemies, then says, "Let me tell you a story..." implying that everything in the book is being relayed to April. However, the standalone Volume One is the only one to have the two-page epilog, as far as I can tell; Collected Series Volume One doesn't have it, nor do the remaining three volumes, though I only flipped through them. So it seems the epilog is exclusive to the standalone Volume One, and it's a continuation of the prolog, basically just April asking some more questions, and Splinter saying something that implies further reading, heh.
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