Interesting topic; thanks for bringing it up. With hardcover fiction, first editions matter. With trades, I don't think so. Not yet, anyway. If an aftermarket ever develops for "first editions", that will change.
But rarity still drives most collectors. In that regard, if you find Shooter's "Inherit the Earth" Fatale hardcover for $100, let me know, would you? In 1996, it came out in a 250-copy signed/limited edition at (I think) $50 a pop and was soon followed by a TPB at $14.95. These days, the TPB goes for $40-50 on Amazon (Mile High wants $216 on sale) and the hardcover edition runs $400+ if you can locate one. The only seller I can find on eBay is asking for an optimistic $2499.