Yes. I have all five volumes, and all are outstanding. They go for around $45 for a single season I think, which would make that a savings of 33%.
My main caveat regarding the sets is that you have to have a bit of a completist's bent. There are a number of shorts featuring some obscure characters in the later sets. A really fun thing, however, is to note the evolution of certain characters, both in terms of physical appearance and voice. Bugs, for example, has undergone a marked transition in both over the years (physical more than auditory). I'd say Daffy has evolved the most, closely followed by Elmer Fudd.
Some other characters have undergone scenery transplants. For example, Wile E. Coyote played "Ralph Wolf" in an early short whose name escapes me at the moment. If you're not interested in these evolutions and don't care to have your choice of 250-300 individual shorts in a given moment, then the first two volumes should do nicely. They hit all the "all-stars" and give a very good survey of the classic Looney Tunes catalog.