The Luxuria & Gula were originally published by Image in 7 issue series. Later, Fraction took the series to Icon, where they republished the two in recolored, four-issue series. It's the same content, but condensed into less, albiet a little longer, issues. The new Image printing collected the Icon recolorings, which are superior to the originals.
I really like the first HC (the only one I have). Great quality, and it includes all of the back matter Fraction printed in the singles of both the Image & Icon series. These, I feel, are essential reading for the series. Easily the best way to read the first three stories.