I would say that it is very close to the Elite 3200 series without the rainguard.
There is one other thing that escapes me, however. The Elite is said to have 95% light transmission, where as the Elite 3200 is supposed to be about 88%. The Legend is supposed to be 91%. It sounds like Bushnell lowered the cost from the Elite 3200 by not applying rainguard, but instead raised the cost from the Trophy by putting in better optics.
One more observation - only the Elite 4200 and 3200 come with Bushnell's super great warranty. I don't think that the same warranty applies to the Legend.
Zachary
You are correct about the warranty. There are three 4200s here, two 3200's, and one Legend 5 x 15 Mil-Dot.
The Legend lacks the stronger titanium tube, warranty, and Rainguard. The adjustments are quite mushy compared to any of the Elites. The stated brightness above is correct, however-- the Elite 3200 has more clarity, and depth of field to my eyes. The Elite 3200 is a far better hunting scope in all respects that I can think of. The "brightness," Legend vs. Elite 3200 is very close, but the Elite 3200 is just a better made tube.
The cost of the Legend was lowered by using a cheaper tube, a lesser warranty, cheaper adjustments, and cheaper labor.
Neither is as bright or as clear as the 4200s.