Collection 1 is X1-X4, collection 2 is X5-X8. Releases July 26th in Japan.
Optional(?) filter for sprite-based games, increased resolution for 3D games. Includes an art/music/merch gallery, the Day of Sigma OVA, past trailers, and an "X Challenge" mode where you'll fight bosses from different games in the X series together.
Both are getting physical releases for Switch/PS4 in Japan, as well as a "1+2" collection (2 discs for PS4, 1 cartridge + download code for Switch). XBO/PC is digital only in Japan. No word yet on how Capcom USA will bring the games over.
Update: English PR:
As part of Mega Man's 30th anniversary celebration, I'm happy to announce that all eight Mega Man X games will be coming to modern platforms via two collections: Mega Man X Legacy Collection, featuring Mega Man X, X2, X3, and X4, and Mega Man X Legacy Collection 2, featuring X5, X6, X7, and X8! Both will be available beginning July 24th for just $19.99 each digitally. In North America, fans can also grab a retail bundle for consoles for $39.99 in a combo pack that includes a disc for each collection on Xbox One and PlayStation 4. For Nintendo Switch, the pack will include a cartridge with the first collection and a digital download voucher for the second collection.
Clarification on filters:
X1 to X6 actually have 2 different filters, even though the video only shows one:
http://www.capcom.co.jp/rxac/about/index.html#collection1
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