Story = C+
Video = B-
Audio = C
If you have not seen the original Fullmetal Alchemist TV series and movie, then this "Premium OAV Collection" will be worthless to you. Even if you have seen the series and movie, this is still not required viewing. This is a collection of four very short videos that are outside the regular series' continuity.
The first story is a live-action video that has Al in his suit-of-armor form, appearing around the city, and ending at Studio Bones (which animated the original series). There is nothing more to this than an Al statue being filmed in different settings with a voice-over.
The next part shows a very young Ed, Al, and Winry running around the city trying to get to a particular place. Out of all of these shorts, this one seems like it might actually be connected to the end of the movie. The ending is strange in a "I know this means something, but I don't know what" kind of way. I'll just leave it at that.
The third part shows all the characters in super-deformed form as they have just finished filming the movie. They are all hanging out drinking and goofing around. It's fun and pointless and I'm sure a lot of fans will get a kick out of.
The last part is part of a Fullmetal Alchemist "interactive experience" attraction that was available in Japan around the time the film was wrapping up. It treats you -- the audience -- as a character in the story, so the characters are constantly talking to the camera as if it were a person. According to the plot, you are a new alchemist recruit and after an expository intro, you go into battle against the homunculi and save everyone. It's the only short with any kind of action, but again is not necessarily in perfect continuity with the regular series.
So is this video worth picking up? It is a fun bit of extra animation, but it probably would not be worth the $15 to anyone other than the total FMA completist. It would have been more worthwhile if it had been included as an extra on the original series' DVDs than a standalone video.