6. A continuous printed sheet collating apparatus for collating at least two discretely printed sheets which are initially printed on a web and subsequently cut from the web and collated, comprising: means defining a feed path for a continuous web of printed sheet-like material; a continuously, uninterrupted rotating collating drum disposed along said feed path for receiving said web of printed sheet-like material, and means for wrapping said web around said drum to provide a number of wraps of sheet one less than a desired number of sheets to be collated; severing means disposed adjacent said continuously rotating collating drum for severing the wraps of sheet while the drum continues to rotate, to provide the desired number of individual sheets disposed upon said collating drum; means for supplying an additional printed sheet from the web of material; selective control means operatively associated with the severing means for moving the severing means into, and out of, cutting engagement with the desired number of wraps of printed sheet disposed upon said continuously rotating collating drum; and means for collating said additional printed sheet with the severed wraps of printed sheet to provide a unitized collated bundle of printed sheets in textual context.
6. A continuous printed sheet collating apparatus for collating at least two discretely printed sheets which are initially printed on a web and subsequently cut from the web and collated, comprising: means defining a feed path for a continuous web of printed sheet-like material; a continuously, uninterrupted rotating collating drum disposed along said feed path for receiving said web of printed sheet-like material, and means for wrapping said web around said drum to provide a number of wraps of sheet one less than a desired number of sheets to be collated; severing means disposed adjacent said continuously rotating collating drum for severing the wraps of sheet while the drum continues to rotate, to provide the desired number of individual sheets disposed upon said collating drum; means for supplying an additional printed sheet from the web of material; selective control means operatively associated with the severing means for moving the severing means into, and out of, cutting engagement with the desired number of wraps of printed sheet disposed upon said continuously rotating collating drum; and means for collating said additional printed sheet with the severed wraps of printed sheet to provide a unitized collated bundle of printed sheets in textual context. 15. The continuous printed sheet collating apparatus of claim 6, wherein said collating drum has a circumferential length substantially equal to a printed page length.