I think people put too much stock in the name of the title. I never expected them to stick with strictly guys that had big WrestleMania moments. It's just a name they came up with for the WWE nostalgia game.
Heck, "Legends" is meaningless. It's just the WWE's all-purpose label for retired & semi-retired wrestlers. Most of the guys they call "legends" are anything but. No different than how all women wrestlers are called "Divas".
That said I did find myself disappointed with some of the decisions here. I don't mind Michael "P.S." Hayes being in the game because the Fabulous Free Birds were one of the biggest tag teams in professional wrestling history. I only find it lame that Hayes is in but they didn't include Terry Gordy or Jimmy Garvin as well.
For that matter, I'm disappointed that while they included Anderson in addition to Flair. It would have been nice to have Tully Blanchard and Barry Windham as well. But I'll be grateful that they did include the Enforcer. Flair was a lock, but they could have easily passed on Double A altogether.
As for Owen Hart. There was no way in hell he was going to show up in this. His widowed wife owns the rights to Owen's likeness and she refuses to have anything to with the WWE at all.
Expecting Kurt Angle, the Dudleys or anyone else that's currently under TNA contract is just being silly.
There's still a possibility that some of the glaring omissions (Slaughter, Snuka, Santana & Steamboat) will be rectified though. Rumor has it, there's 8 hidden characters in the game. THQ could also add more via DLC later on like the way they're adding Evan Bourne, DiBiase Jr. & Charlie Haas to SvR09.