My 2c... (I've written this 3 or 4 times now trying to make it shorter, but I give up!)
I does feel like there's a hole in Select's line up. The gap between Footy Stars and Legacy seem much much bigger than the gap between Champions and Honours 1 (the last time I bought a box of series 2).
Add to that the distribution was awful. Zero chance of picking up box unless you were camped on your computer at the moment they were available online. Half the retailers listed by Select have next to no info their websites. I think this aspect is what put me off the most.
It all feels very closed off and inaccessible. Which isn't great for growing the hobby.
The thing I find fascinating though is Honours 1 had a production of 9600 boxes, Legacy had a run of 8400 boxes. 800 cases vs 700 cases. Yet Legacy was absolutely gobbled up, at $340 a box, compared to $210 for Honours 1 (about $252 in today's money).
So maybe its purely my perception based on how inactive OCT is. Maybe the hobby is thriving. Where is everyone?
As for Select, if it were up to me I'd take the more premium elements of Legacy (multi sigs, captain sigs, ultra short prints) and combine it with Gem (and bring in a game used patch or patch sig), and bring back a more traditional series 2, with draft sigs and 1 or 2 short print sets, with a case hit award winner (Brownlow, Norm Smith, MVP, Coleman, Rising Star) sig.
Ultimately set it up so you can have 3 prong line up; Basic @ $100-150, High End @ $200-300, and Premium at $300-400. And if you still want that Ultra Premium @ $500-1000 do it like The Cup or National Treasures in the US; single pack 5-10 cards, loaded with sigs and game used patches.