Chip, the studios have always and will always play the 're-release' game of editions. The bankable titles are their bread and butter. From what I've seen over the years, only the OCD SB collectors and folks that get in over their head in a resale and flip game get burned out quick and exit. Many people don't buy because there is an assumption of an increased 'value'-they do so because they love the movie, and want an upgraded case-lots of shades of grays of collectors out there.
Most people don't care about buying all of these Steelbooks, and despite the 'Waves' that have been occurring since last year, SB's continue to gain in popularity and more people are starting to buy them.
For those that are buying 'select' movies because they like them, and are resisting double and triple (and worse) dipping, the frustration rate with all of these waves will remain low-they'll simply buy (and some will open and watch) the movies they want.
This is not the last ed we'll see of these movies. They continue to sell and studios know it....