I'm currently a Tour Master who should be very close to making Legend. I also play with pretty much top-of-the-line equipment. I think most would agree that the better Tour Master players have an advantage over most Legend players, simply because of the driving distance.
That said, I've played a few alternate-shot games with and against Legends, and I've come out on the losing end more often than not. This is probably because most Legend players are pretty freakin good. I've learned several new shots, from getting out of trouble to hitting tough approaches with long irons. Also, consider the advantage a Legend has when paired up with a lower-ranked player; when you are used to hitting 180+ yard approaches and get several 120ish approaches, the Legend proves to be very accurate.
I happen to love the alt-shot format for those and several other reasons. It forced me to expand my game, and my average has dropped from hovering near 65 into the low 62's, simply because my skill set improved.
Hopefully, I'll be making Legend soon, and then I'll probably join the ranks of those who want a longer driver and/or other adjustments. But for now, I'm looking forward to the challenge and am prepared to watch my scores suffer as a result of my (hopeful) promotion.
Variety is the spice of life, and it certainly keeps this game from getting boring.
Oh yeah, I should also point out (somewhat on topic) that alt-shot is the only format I've seen where players NEVER quit during a game. Telling?