I see a lot of sMerits given to Legendaries in this thread - what's the point of this? I mean, other than boosting their egos, Legendaries don't have any actual use for sMerits.
Should we not disable sMerits for Legendaries? sMerits are a scarce resource, after all.
NOT
Seems like you have a groundless objection, and a proposal that comes off as resentful merely because legendaries have been awarded with Merit.. (or grandfathered in).
By the way, merits and smerits are not the same thing.

Yeah, I corrected the typos, still getting used to merits/sMerits.
But back on topic: there is no resent in my objection, I am just trying to understand the new system and make it work.
Fair enough that you are attempting to figure out the new system, and I understand how there could be a bit of frustration by the whole thing, and even seeming like starting over, in some regards, especially if you are half way through a rank, but then you only get awarded the minimum merit for that rank - as if you just got promoted to that level.
As of today, sMerits are scarce and have two functions:
(a) appreciation for good quality content and
(b) a resource to rank up
o.k. So you are acknowledging that there is more than one purpose for merit. Yes, we can concede that Legendary members no longer need to rank up; however, they can be rewarded for good work, and they can also give away smerit after they receive merit, then they receive .5 smerit that they can give to someone else.
They are being granted by a few and will be hot merchandise for those who do not have them. Appreciation can be expressed in different ways and that's where I see that sending sMerits to Legendaries is pointless.
I am sure that we are going to be seeing how this plays out, and I doubt that Theymos is locked into this situation if he concludes that it is not working out as planned - but in any event, you seem to only be focusing on the ranking up aspect.. which you already concede is only part of the new smerits system.