The Fallout 4 collector's edition will come packaged with an actual Pip-Boy. The Pip-Boy has a phone slot for the screen so you can insert your phone. Bethesda is also releasing a Pip-Boy app for iOS and Android to use with the Pip-Boy from the collector's edition.
The Pip-Boy app allows you to sort your inventory from anywhere, both in and out of the game. The release date for the app was not revealed.
Todd Howard said that he was not a fan of collector's editions, but referred to the Fallout 4 Pip-Boy Edition as the "best fucking one I've ever seen."
The price for the Pip-Boy Edition is set at $119.99. You can watch the Bethesda E3 Conference stream with commentary from halomike, Jolgier, and myself here:http://www.twitch.tv/halomike/b/669190029