Okay. It breaks down like this:

Lunar Legend is a stripped down version of Lunar Silver Star Story. It has no cutscenes, reduced graphics, and other cut corners already mentioned in this thread. To answer ALL your questions go here.

Most Lunar Fans think that Legend is OK, but NO WHERE near as good as the PSX or Sega CD versions. Also Lunar Eternal Blue is my favorita RPG of all time. If you like Silver Star that's the next one to try.

Remember, they don't sell them used for over $50 because they suck. If you get a copy on E-bay, try to get one with the bonus stuff that came with it. (Cloth map, hardbound manual, nifty box etc...)