The really rare stuff in my collection is in stellar condition...near-mint to mint, I'd say.

The more common items vary in condition from good to very good.  Some of the most interesting stuff, though, isn't in the best condition because it's been owned and used by people who've been prominent in the history of the game.  I think David has made mention of the same thing regarding some of his really cool items.

My other collection - football cards - varies in condition from mint (not many cards) to good (most of them).  Unless you were a knowledgeable collector when the old cards were being released, you probably shuffled through them with your buddies countless times on your bedroom floor over the years.  Hence, most of them tend to be a little scuffed, bumped, etc., that is, well-loved.  :D