I've personally never really owned any Game of the Year edition games, but they are typically released at a cheaper price to their original counterparts, and are a great alternative for anybody looking to buy new games at a discounted price. Microsoft have released Xbox 360 GoTY titles for years, but it's now been revealed that they plan to release a bunch of Game of The Year first party games for the Xbox One this year too, to help bulk up the current game portfolio.
It has been confirmed that the new Game of the Year edition titles will come at a cheaper price than the original versions, however the price has not yet been revealed. Interestingly, gamers may be able to pick up a new Xbox One SKU that bundles together a bunch of different GoTY titles at a reduced price.
Microsoft are still waiting to see how many third party publishers are interested in re-releasing their Xbox One games into the Game of the Year title list, but it's possible games like Assassin's Creed Black Flag, Call of Duty: Ghosts and other titles may make it into the GoTY catalogue, along with Ryse: Son of Rome, Dead Rising 3 and Forza Motorsport 5.
All of these new GoTY edition games should be released 'as soon as possible,' however a September release date seems the most likely. We'll probably hear more about these titles, along with information about new Xbox One bundles in the next few months.