Collagen is a dermal (skin) filler used for minimizing wrinkles or some depressed scars. The collagen products that were widely used (Zyderm, Zyplast, CosmoDerm, CosmoPlast) were taken off the market in 2010 since Allergan, the manufacturer/distributor, also sells the Juvederm family of injectable fillers, and these fillers last longer than collagen. The Juvederm family is made of hyaluronic acid (natural substances found in our bodies, but synthetically derived from bacteria) and have become more popular than the collagen products, not only because they last longer (6 to 12 months), but they can also be injected into deeper levels, thereby acting as "volumizers". Just as a clarification, Restylane/Perlane, are also hyaluronic acid derivatives, and plastic surgeons may have a preference of one brand over the other.
All injectables may have local tissue reactions, such as needle stick marks, pain during injection, tenderness after injection, redness, bruising and swelling. When injecting collagen products, these side effects generally last no more than 1 hour. HA's have more local tissue reaction, so those side effects will last longer: My personal experience is that the Juvederm family reactions last about 4 hours, Restylane/Perlane may last for about 24 hours. The deeper fillers (Juvederm Ultra Plus and Perlane) are more likely to have persistent swelling and possibly bruising for several days. As an aside, collagen, if derived from bovine (cow), has the potential risk of allergic reaction.
There are some longer lasting products, including ArteFill, which contains bovine collagen mixed with a bone-like derivative, synthetic polymethylmethacrylate (PMMA). It lasts for 3 to 5 years, but a significant risk is "foreign body reaction", or lumpiness at the injection site. It is very technique dependent and although steroid injection into the lumps may help to minimize their appearance, the usual treatment is excision (cutting them out). This is a significant side effect that warrants consideration when choosing a filler!
Finally, there has been recent attention to unusual side effects of injectable fillers. They include unusually severe infections and embolic reactions (particle of filler enters a blood vessel and travels distally, causing a blockage of the vessel, resulting in death of the tissue the vessel supplies). My personal belief is that we are seeing more of these problems because 1) the availability of deeper fillers and 2) many "providers" with less than adequate training and experience are administering these fillers.