Factions is now out - but sadly, according to the official site front page
, the initial batch of the Collector's Edition in North America will be late. Specifically, it should be in stores on May 5th. I might be tempted to read that last "should" as more of a "might", but then I'm always a bit pessimistic. Even then, there won't be much product in this batch and more won't ship till June 30.
In an ideal world, the ArenaNet people would extend the HeadStart event even more so they don't "punish" people pre-ordering their Collector's Edition over people just buying the standard edition in stores. We shall see, I suppose.