I recently moved in with 3 other programmers into a big 4 bedroom house. We're all gamers, with gaming rigs, and we are working on getting all the consoles we can right now too. Way too much fun! My point is.... Is it legal? Hell yes!
We just bought a used gamecube + super smash bros . So much fun!
Honestly, the only reason I could see anyone buying that is for beta access. That alone makes it worth it if you're dieing to play, other than that I think the stuff you get with it is just a little incentive... I don't really imagine anyone buying that just for those skins/mount/champs, oh and the little gold.
I uh.. well I bought WoD. Having lots of fun, I hate to say it..
It's nice having an MMO that I can play casually and still feel like I am doing something. Which is basically the exact opposite of how I used to feel about casual MMOs. I think lately I've had to acknowledge that what makes a game awesome doesn't necessarily make it practical. (lookin @ you Wildstar)