WotC states that proceeds will help support the Gygax Memorial Fund. The books will have all the original artwork, except for the covers which will be new. This is great for all those who want to see what the game used to be like. A nice walk down memory lane should help people appreciate how the game has evolved from its early stages. It would certainly be fun to play a 1E game this Spring.
I hope they decide to release that and all of their current and former books as PDF's. I can't imagine how their profit margins can get better than using a digital medium. Even better would be something I can easily purchase and use on my Kindle. I would love to move to gaming 100% on my Kindle or my Android phone.
It seems to be that this should be the first step towards re-releasing all of their old content. After all, if 5E is going to unite all of the editions why wouldn't they start selling all of the editions again?