I actually prefer a mixture of the versions. I like the Lemuria setting that Mr. Washbourne presents but prefer the somewhat less exotic Legends of Steel setting. Despite reading some of the original Thongor stories, I still have trouble imagining the heroes of the story riding lizards or birds. My mind still steers me in the direction of the hero riding a snorting, rearing horse. It might be fun to have an isolated culture be bird riders but not everyone!
I prefer the static armor values from the Revised Edition. Although the variable armor values from the Legendary Edition may be more "realistic" I think the extra roll slows down the game just a bit.
On the other hand, I prefer the priest rules from the Legendary Edition. In my mind, the mystical powers that the evil priests weilded in the stories were from studying sorcery or from pacts with the terrible creatures from the beyond. So the evil priests need levels in the Sorcerer career to perform such magics.
How about you?