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So should I hold off on purchasing City Lights:LE and wait for the second r1 collection next year?
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I would. This same company has put out limited editions for 2001, Clockwork Orange, Full Metal Jacket and some others, and it's just the movie with a copy of the soundtrack CD and a film cell. Not worth paying double or triple the price. Put it this way - this City Lights set is going for a little over $50 at Amazon right now... I bought the first Chaplin boxed set (which included four films) for only a little more than that. If you hold off and wait for the regular release, you can end up getting for films for what you'd pay for that one.