The LBB version of the Traveller rules was essentially a copy of the new layout - not the old - and includes all the artwork you'd expect from the latest edition of the rules. There were some of the insert boxes removed, as the text font was too small to read - but these were given out as a free pdf.
However, this does highlight the major issue I had with the lbb core rules (I haven't checked out the rest) - that the text font and layout wasn't originally designed for a smaller book, and they are just a bit hard on the eye and there were large margins on the top and the bottom. They seem to have made a much better job with the Legend books - which are very readable and look cool.
Personally, I have the hardback Traveller core book and have downloaded all the other supplements as pdfs. I only make exceptions with some of the setting books, occasionally - but I would prefer the smaller version of the books, if they formatted directly for that size. They'd actually sit on the shelf very nicely alongside the Legend books, while they are obviously much more portable and (usually) cheaper to buy.