This video compares the graphics of Metal Gear Solid 3: Snake Eater (Master Collection) at launch to the 2.0 update.
For the uninformed, the update increased the internal resolution to 1080p while also applying AI upscaling to pre-rendered cut scenes. These new visuals enhancements are enabled when you select Adjusted Mode from the Resolution Settings in the Screen sub-menu of the title screen.
At launch, the game has an internal resolution of 720p and does not use any AI upscaling for pre-rendered cut scenes. These settings can still be accessed when you select Original Mode from the Resolution Settings in the Screen sub-menu of the title screen.
You can find the video comparison of both modes below:
As you can probably see, the real-time cut scenes appear slightly sharper in Adjusted Mode. This is apparent if you compare the non-subtitle texts that appear. The pre-rendered scenes also appear to be much clearer with a lot less visual noise.