Cover is new. There are 14 pages of new material. The rest of the contents are reprints.
Comment by Tom Smith:
The only Collector's Edition completely devoted to Nanny Dickering! This is a very special issue, but not as easy to find as many of the others because, as Mort reported elsewhere in a text page in another issue (maybe the letters page in the regular Cracked?), it didn't sell all that well. Regardless, he later devoted Cracked Party Pack #4 largely to Dickering as well. Some of the interviews printed here were re-printed in Party Pack, but not all of them, and the Party Pack issue also included several newer interviews which were not printed yet when this Collector's Edition came out (in addition, it has more pages) so it's worth having both editions.
Like Mort said, this issue also features a new fumetti strip featuring Bebe as Nanny and the acting debut of Liv Tyler. Mort himself stars as the Rock Video King. I have a theory that this article have been intended for the November 1986 issue of regular Cracked, since the cover of that issue advertises "Nanny Live" but instead, features a reprint of an old Bill Ward interview.