I just spend 80 bucks on the collectors edition. Everything works fine up to the point where Turbine gets the money.
Next step - enter key to upgrade account - does not work. I keep getting the message: "You cannot upgrade a suspended subscription. Please reactivate the subscription first and try again. [err: 29306] " (I downgraded from VIP to Premium a while ago and hence did not update my billing information and I do not plan to in the future - you already got my money Turbine - not willing to tell you my creditcard number).
The Menace Account FAQ suggests to update billing with the gamecard option and then choose "will enter game card data later" (or the like). Sounds good. Unfortunately this option does not exist.
If I had known of all this mess in advance I would never have bought that pack...