I concur, page-10

Anyone know in practice what difference it makes to have to support legacy systems ?

For TPG i assume it would be a big deal in the setup costs, because rolling out inferior technology is just never going to be a good plan.

For the incumbents, legacy systems already exists, its just a matter of not turn them off until its convenient.

I expect it means TPG will have lower capital committed against for their initial rollout, but others would likely have already written the value of their legacy systems down anyway, so im not sure if its a significant differentiator.