I played it last night. The game is ok. The controls are a little wonky as the've made some changes to the Smackdown control scheme that really only made things worse to me. The incessant use of quick time events is highly annoying. These events existed in Smackdown, but they're heavily relied upon in Legends. There are too many of them, and sometimes they simply make no sense in the context of the situation prior to being triggered.
All that said, the relive/rewrite modes of gameplay are pretty cool. It's something new for the genre. I thought wrestling games were the most stale genre of games in terms of innovation, and so this is a nice addition.
Having thought about it, I think the biggest mistake was not having Randy Savage and/or Ricky Steamboat. Their match at one of the early Wrestlemania's (don't know which) was and probably is still considered one of the greatest matches ever by pro wrestling fans. Who knows, maybe that'll be released as DLC. It simply doesn't make sense to omit those two if DLC isn't being created.
Like I said; it's a fresh title for the genre. I don't think it's worth dropping $60, but I'll probably pick it up down the line once it hits the $20 - $25 range.
Vince McMahon wouldn't allow Macho Man to be in the game, although there are people making kick-ass create-a-wrestler templates for him.