I like having the last 2 King's Quest games bundled into one package. I enjoyed both of them for different reasons. At 1st I was turned off by KQ8 not seeming very relevant to the King's Quest story. It's basically a 3D fighter game with mild puzzles stamped with the King's Quest title. But if you can ignore the fact that it doesn't really feel like King's Quest, the game is actually fun and addictive.
As far as the bundle, it's very easy to install and start playing right away. I'm using 32 bit Windows 7 and everything installed just fine without a hitch. Definitely recommend this download!