What are the benefits of having the LCs Wi-Fi vs not and just the ser2? Do you lose any features or will they be exactly the same?
The only benefit the LCS module itself really provides is to allow you to use Lionel's iCab and LCS apps.
The LCS App, while free, does far less for train operation than the Cab-2 remote, although it does allow you to use Lionel's wireless modules to construct a visual track plan on an iPad and throw switches using the iPad.
The iCab app, for a $50 price tag, pretty much allows you to do most everything the Cab-2 remote allows. However, you can do about 98% (approximately) of the iCab's train control from the DCS App if the TIU is connected to the SER2.
Does the Legacy version of the app have a more precise speed control gauge like the Mth engine I have has on the App?
The iCab app has, I believe, a speed control mechanism that's similar to that of the Cab-2 remote.
Regardless, I'm hardly an expert regarding Lionel's LC'S app's capabilities. Possibly someone more knowledgeable than I of the two Lionel apps can add to, or correct, my statements.