From a spectator perspective, I'm not a big fan of Legacy. There's way too much shuffling a deck manipulation. The interesting things that happen tend to be very interesting, but they're sandwiched in by brainstorm, figure for 2 minutes, fetch, shufle, pass, end step, brainstorm, figure for 2 minutes, fetch, shuffle, etc. For that reason, I feel like MTGO suits legacy a bit better for spectators.
As for trying to 'kill' Legacy; my understanding is that Legacy was losing SCG money on the bottom line vs. other formats. Wizards just doesn't support it because of card availability. The reserve list means that lots of cards are expensive and also harder to find, especially in countries where the sets they've been in were never released.