The COLLADA file format is a 3D file format from the Khronos Group. Originally created by Sony Computer Entertainment for use with the PlayStation 3 and portable PlayStation formats, this increasingly popular format (in addition to the existing FBX format) is being supported by a growing number of applications and has also
found its way into Cinema 4D R11. The COLLADA Import/Export functionality lets you exchange data between the most important 3D applications. Since COLLADA is created and saved in the XML format it can be opened in any text editor.
You will notice no difference between COLLADA 1.4 and 1.5 in Cinema 4D with regard to functionality. If required by your workflow (e.g., if you are working with applications that only work with COLLADA 1.5) it is recommended that you export to COLLADA 1.4, due to the fact that most applications still only recognize this format.