BioShock: Ultimate Rapture Edition will be released in North America on January 14 for the Xbox 360 and PlayStation 3. It will cost $30 and 2K has stated that the bundle will be available in other countries "at a later date."
In addition to the first two BioShock games, the bundle will have all of the DLC released for the games, including "Minerva's Den" and all of the BioShock 2 multiplayer maps. In addition, new content for the original BioShock called the "Museum of Orphaned Concepts" will be included. 2K states that the add-on is a "tour" of never-before-seen "early concept art, character models, and more set within the halls of Rapture."
The bundle is, of course, an introduction pack for gamers who haven't yet experienced the BioShock franchise. As such, there is a sticker pack themed around the upcoming BioShock Infinite included in the packaging.
It's unclear whether 2K would have had the time to release the Ultimate Rapture Edition if Infinite had not been delayed again. As it stands, it's not entirely clear what connection Infinite may have to the previous BioShock games, but some knowledge of the original title (which can be found for under $20) will almost certainly help gamers get some in-jokes and references.