CAB-1 has addressing limitations on TR, 9 instead of 15. It's biggest problem is with the speed step commands. TMCC has always had an absolute speed function command with 32 steps. CAB-1 can only generate +/- "delta" steps. This is the primary reason that Odyssey one engines had trouble with the cruise function in TMCC. I had one Odyssey one engine that I would only run with Odyssey turned off because it ran so poorly in Command mode. When I got the CAB-2 the engine ran like a charm unless I set the mode to CAB-1.
I don't have any K-Line engines and I generally don't like cruise control. Some of the third part cruise solutions require use of CAB-1 mode to work properly. You would still have access to other extremely useful CAB-2 features like Train Brake but the speed step function would be no different than a CAB-1.
Legacy base does have issues with driving a long chain of IC control style devices that use the serial data interface. You have to use a line driver to "boost" the signal. I only have some TPC's and there aren't enough of them to cause problems.
I just got my first Legacy engine back in August. I got the Legacy base and CAB-2 almost two and a half years ago. Once I started using the CAB-2 I put the original set away and only use it for test purposes. All of my engines ran so much better with the new controller/base it didn't make sense to use it.