The name is definitely better, and the move to an 'open' license is great! I had been quite pessimistic about the future of 'Wayfarer-now-Legend', doubting Mongoose's commitment to the system. But I'm feeling much better about the future of the system now!
I'm 'okay' with the new digest format. I quite liked the hardback leather books, but they were not cheap.
My only disappointment with this announcement is that there is no mention of any future 'Eternal Champion' books. If Mongoose has no intention on producing any future Elric, Hawkmoon, or Corum supplements, I wish that they would simply drop the license so that someone else could give it a try. But perhaps I'm being too pessimistic again, and will be pleasantly surprised in due course...
I am very much looking forward to the 'Legend' version of The Spider God's Bride, and will definitely be picking it up once it becomes available.