The red cover on the right is for the premium edition, which not only includes a cool box, but also includes both MGS: Portable Ops Plus and the original Portable Ops. You will need the original in order to play the expansion pack, so those that missed the original will certainly want to pick up the combined bundle. The Japanese price for both? A mere $45.
No American release has been confirmed, but Amazon has already listed the game for a November release. Hopefully, the US will also receive its own ultra-value "Deluxe Edition."