We adjusted the features so that people really don't lose much anymore since we upped the PMs and stuff, so really what they miss out on was the name and the stars under their names. Yes platinum lost a little height on sigs and invisibility options but that's about it
I think the problem with legends is the objectivity and who deserves Legend and who doesn't. There are some clear cut, but there are others who might be miffed for not getting it, or ask for it and be denied, etc. etc. I think officially elevating members from a management level in a completely objective fashion would damage the forum community a little.