Released shortly before the final volume of Golden Collection was this particular set that aimed to provide a selection of Academy Award winning and nominated cartoons. This didn't cover just Looney Tunes, but nearly the entire Warner Bros. library that was available, including MGM and Fleischer Studios output. 15 winners and 26 nominees were included for this set.

For such a release, it was pretty full fledged and comparable to Golden Collection output; it contained music-only tracks, audio commentaries, and even a bonus cartoon at the final disc. Providing a variety overall, it was a rave hit for something near the end of the golden days of DVD releases.

While it was a great way to get the Academy Award-based shorts for its time, it has since been heavily succeeded by standalone Blu-ray collections that included the shorts, often in better prints than originally here. Nearly all of the Academy Award winning Looney Tunes shorts here except for "Now Hear This" has been included on the Platinum Collection, which has made the shorts available in HD if the Blu-ray versions are obtained.

For the other miscellany, the Superman short included is restored for HD in a Max Fleischer's Superman Blu-ray that features the entire Superman cartoon filmography. All of the MGM Tex Avery shorts and the Tom and Jerry shorts are also widely available in their respective Screwball Classics and Golden Age Anthology Blu-ray sets. This heavily reduces the amount of cartoons still locked in SD to a meager amount. Even the bonus short, "What's Cookin' Doc?", has since been made available on the Bugs 80th Collection many years later, nearly clearing the entirety of Looney Tunes shorts on this set.

The full set has been long out of print, but what remains in print is separate disc versions of the full set, which simply only includes a copy of a single disc from the full collection. Needless to say, they have extremely low collector's recommendation scores and are highly not recommended to obtain for collection purposes.

Taking a closer look at the contents will have some notice there's a handful of nominated shorts entirely missing from the collection. On the Looney Tunes side, they are the following. A good portion of them were available in the Golden Collection, but several others would not see the light of restoration until years later.

• It's Got Me Again
• Detouring America
• Greetings Bait (later on LTCCV2)
• Life with Feathers (later on LTPCV3)
• Canary Row (previously on LTGCV1 and later re-restored on LTPCV3)
• Mexicali Shmoes (previously on LTGCV4)
• Mouse and Garden (previously on LTGCV4)
• The Pied Piper of Guadalupe (previously on LTGCV4)
• Beep Prepared (later on LTPCV3)

It is also finally worth noting that while "A Wild Hare" has its original titles restored for the first time here, the opening shield is incorrect, having been recreated using parts from "A Gander at Mother Goose", due to film damage of the master that had the original titles.