I never understood, why the state must collapse to the eigenstate, while when we apply QT to real-lab experiments we use the second version only. QT doesn't say, what happens to the measured system but that's given by the measurement apparatus we use to measure the observable. The Born postulate just states that the probability to find a value as you said above (tacitly assuming that the eigenvalue is non-degenerate, i.e., the eigenspace of this eigenvalue is one-dimensional).
There are, of course, special cases, where you (can) do an ideal von Neumann filter measurement. The most famous example is the Stern-Gerlach experiment, which nowadays can be done with practically arbitrary precision using neutrons.
The good old original setup by Stern and Gerlach is, however, better to discuss this in principle: You use an oven with a little opening to get a particle beam that can be described by a mixed state (thermal in the restframe of the gas, making up the particle beam). The particles then go through an inhomogeneous magnetic field. One solve the corresponding dynamical problem in very good approximation analytically and even exactly to arbitrary precision numerically, see e.g.,
G. Potel et al, PRA
71, 052106 (2005).
http://arxiv.org/abs/quant-ph/0409206
You end up with well-separated partial beams that are "sorted" (with high precision) after their spin components given by the direction of the magnetic field, usually chosen as the z direction. In other words, after running trough the magnet you have a quantum state, where the position and spin-z component are entangled, and you can get a particle beam in a (nearly) pure spin state by just forgetting all unwanted partial beams, blocking them by some absorber material. There is no collapse necessary but just to put some absorber material in the way of the "unwanted" partial beams. Of course, you may now ask, how the absorption process happens microscopically in terms of quantum theory, and this might not be a simple issue, but experiment clearly shows that you can block particles, and nothing hints at some "collapse mechanism" that may ly outside of the quantum dynamics of a particle interacting with the particles in the absorber.