Update:

Momot went on the forums again to suggest some scenarios when it comes to the Game of the Year Edition. While the first is all about PC, the next two apply to consoles:

Scenario #2: You own the base game on consoles (PlayStation 4 or Xbox One) and you want to buy the GOTY Edition Our suggestion is to buy the Season Pass instead. Should you buy the GOTY Edition, game saves from your base game will unfortunately not work because the system treats the GOTY Edition as a different product. This is beyond our control and results from the technical aspect of how games work on consoles. Sadly, we are unable to make any workarounds here. Situation #3: You don’t own the base game or the expansions and want to buy the GOTY edition We love you and we are humbled that you want to buy and play The Witcher 3: Wild Hunt. Thank you!

Additionally, he confirmed that the upcoming patch will be included in the Game of the Year Edition and a separate download for regular game owners. This update will add various improvements and fixes and goes live at the end of the month.

Original Story:

On the CD Projekt Red Forums, Community Lead Marcin Momot revealed that save files from The Witcher 3: Wild Hunt on PlayStation 4 and Xbox One won’t be compatible with the Game of the Year Edition when it releases on August 30:

The save files on consoles won’t be compatible between different game versions (GOTY vs regular version) as they are treated by systems as separate products. This is something that’s not up to us. Sorry.

Momot also confirmed that a new Witcher 3 patch is coming, but it won’t be out before August 23. Expect a full changelog on this update closer to August 30.

Answering some questions on Twitter, Momot said everything will be on-disc in the Game of the Year Edition, the Game of the Year Edition will have a separate Trophy/Achievement list, and the Game of the Year Edition won’t have any additional content over buying the base game and Expansion Pass.

Are you planning on getting the Game of the Year Edition?

[Source: CD Projekt Red Forums (1), (2), (3), (4), Marcin Momot (Twitter 1, 2, 3, 4)