The game will have collectibles that besides getting extra lives, they don't do anything else which makes it WORTH getting which is something LEGENDS DIDN'T DO! I know I'm shouting here but I'm trying to get the point that lives do matter.
I get that lives are important to you, and I (think) that I even understand your reasons, and I won't argue against any of that: I won't tell you that a game would be better for you if lives are removed.
That doesn't mean that a game would not be better for someone else if lives were removed: different people see value in different things, have different perceptions, and different perspectives.
Swiftcoder has indicated that he enjoyed Legends, which seems to imply that either he enjoyed getting the collectibles despite the lack of lives (which argues against your assertion that collectibles are necessarily worthless without lives), or enjoyed the game without bothering with the collectibles (which argues against your assertion that collectibles are important to the enjoyment of a platformer).
Now, it's possible that he would enjoy the game more with the inclusion of lives--but I have no good reason to believe that.
Let me give you an example outside of platforming, from my own experience: I have a somewhat love-hate (or rather "love-frustration") relationship with traditional roguelikes. I love the randomised levels, and being dealt a random "hand" of items with which to play. I really, really don't like to-hit rolls, random damage, respawning monsters, or runs that simply don't seem give me sufficient resources, however. To me, the result feels unfair: I keep losing not because I'm playing poorly, but because the "dice" say so. It's frustrating. I keep feeling that there's a fun game there, if they'd just remove (or, in the case of what items are doled out, "fix") those elements.
But there are other people who love exactly those things: they look at the game as being about management of risk, I gather, and love the feeling that death could be just around the next corner. They come back time and again, and thoroughly enjoy it.
That doesn't mean that I'm wrong, or that they're wrong; it means that they and I are different.
On the point of collectibles, I feel that I've already addressed that: I'm pretty confident that I've given examples of how collectibles might still be useful and interesting in the absence of a "lives" mechanic. Do you have any counterarguments to those points?
In any case, as I've already said: collectibles aren't necessarily the most important element of platformers for all gamers. Personally, I like them, but I don't think that I play platformers for the sake of the collectibles, and none of those that I do find valuable--weapons (and other abilities or powerups) and external rewards (posters, concept art, etc.)--seem to me to rely on lives in any significant way.