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The reason they use the term "collection" in the name is because each release is numbered. Every film that comes out has a specific number, and the films can then be cataloged easily. In 1984, Criterion began releasing films on LaserDisc, beginning with 'Citizen Kane' (1941) and 'King Kong' (1933), which would be #1 and #2 respectively. Criterion would go on to release 384 LaserDisc films, the last being 1998's 'Armageddon'.
In the 80's, Criterion was a pioneer for the home video market by offering something new on some of their films: bonus features. Because the LaserDisc technology could allow for audio tracks on different analog channels, you could now hear foreign languages and audio commentaries. With scene indexes available, you could jump to the next scene without having to fast forward. You could also access things like movie trailers, documentaries, alternate endings, deleted scenes, and other content. The extra material gave viewers more information than just the movie (like VHS would).
One of the most important advances Criterion made for the home video was respecting the original aspect ratio of the movie. TV screens were in a 4:3 ratio, which is close to square. Many movies are in widescreen format (also called 'letterbox' because of the rectangular size), and when you showed a widescreen movie on a 4:3 screen, it would fill the screen, but it would chop the ends of the movie off. This is also how the "pan and scan" came about. If you watch a widescreen movie on a 4:3 screen, and you notice the camera seeming to move from side to side, but the screen appears almost fuzzy when it does this, that is a pan and scan. The editor of the video is trying to move the viewable area of the screen so you can see what you need to see, but since it isn't the actual camera, the quality is low. On Criterion's 8th LaserDisc released 'Invasion of the Body Snatchers' (1956), they chose to keep the film intact and not do what is referred to as "fullscreen format". By retaining widescreen format, there are the black bars at the top and bottom of the screen. Some find this annoying, but this way you can see the whole movie, and there is no annoying pan and scan taking place.
Criterion originally released mainstream, genre, and some art house films, but it really made a name for itself when it began to work with film restoration. They began to release more and more world cinema, cinema classics, and obscure films.
In 1998, Criterion ceased LaserDisc and began releasing films on DVD, but starting the number over at #1 with 'Grand Illusion' (1937). The DVD editions have been so popular than when they began releasing BluRay editions in December 2008, they released the BluRays alongside the DVD with the same numbers.
Criterion-released films were originally marketed as a "film school in a box". As a result, film students, film professors, filmmakers, and film aficionados preferred the Criterion edition to the regular edition, even though the price was usually higher. The numbered releases made collectors desire to have all the collection. This became difficult when Criterion sometimes lost the rights to the films. These films would go out of print as Criterion editions, and would surface for outrageous prices on sites like Ebay and Amazon. It is not unheard of for an out of print Criterion DVD to go for close to $200 on these sites.
Currently, Criterion is more popular than ever before. It's DVD/BluRay list of numbered titles now pass #670. They are the most respected art house film company in the world, and their popularity grows with each subsequent title.
For the most information (and a complete list of DVD/BluRay releases), go to their website. For a list of the LaserDisc releases (most of which were never released on DVD or BluRay), go here.
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