In spite of the fact that a number of reviews for this product (region free blu ray collection) stated that only three of the four advertised shorts play, I decided to take a risk and purchase this collection anyway. However, upon testing, I found that these reviews were correct. Only "A Grand Day Out," "The Wrong Trousers," and "A Close Shave" would play. "A Matter of Loaf and Death," however, does not play, with the same problem occurring for the special features.
I did some research into why this problem occurs. It appears that while the first three Wallace and Gromit shorts are encoded for play in all regions, "A Matter of Loaf and Death" is encoded at 1080i/50hz. In other words, televisions and players in the United States do not support this file type. As a result, unless you have a European blu ray player and/or a TV capable of displaying at 50hz, you will be unable to watch the fourth short in this collection.
Based on this, and the fact that this product is classified as "region free" by Amazon (which is strictly, if not entirely, true), I cannot help but give this collection two out of five stars. While the first three shorts play and display beautifully, none of the special features and 25% of the shorts are not available - despite being purchased.
Long story short: if you live in the United States, you will likely be technically unable to fully watch this collection. However, if you want the earliest three shorts on their own, then this collection might be a good deal for you.