The combat has lost a lot of the complexity of the original, but it does seem smoother with improved controls (the original had reticle combat as well, but it didn’t work well.)
Loot wise it’s kind of crappy, but so was the original. With Legends the hardcore endgame items are behind a pay gate (you can trade fake money currency for real money currency) though it should only matter for raids and some such.
On the plus side, there are various QoL and UI improvements, and all the paid DLC content from TSW will be available free eventually. If you like people, Legends is fairly busy at the moment, so it’s easy to get a group. Small pop cap in non-hub instances, so you don’t encounter herds of players while questing. Not that it’s an issue in the original anymore.