@squalleon: Okay, so I just spent the last few hours doing research on Legion continuity. That's seriously confusing stuff. I think I've got it sorted, but I'm gonna write it out just to make sure I've got it right.
The Original Legion is the longest running version of the team, with its best stories written by Paul Levitz and Keith Giffen. This version of the team is "destroyed" during the Zero Hour event, or LoSH v4 #61. They reappear in The Lightning Crisis, a JLA/JSA crossover after Infinite Crisis, then Superman and the LoSH, then the Final Crisis tie-in. Afterwards, they got an ongoing title which survived into the New 52.
The Reboot Legion is what appears immediately after Zero Hour, also written by Mark Waid. This seems to be the most confusing of the three teams in terms of continuity because of the multiple series following the team. Volume 4 of LoSH ended ended with #125 in March 2000, as did Legionnaires with #81. There was a Legion Lost limited series which bridged the gap into a new Legion vol 1 ongoing by Dan Abnett and Andy Lanning. Legion v1 was cancelled with #38. The Teen Titans/Legion Special rebooted the franchise, bringing us to the Threeboot Legion.
You recommended I read Waid's v5 LoSH run, which is the beginning of the Threeboot Legion team. He writes it through to Supergirl and the LoSH #36, when it reverts to the original title and a new creative team. The Amazon reviews on the rest of the series are pretty low, so I would stop at #36. The third incarnation of Legion reappears next in Final Crisis: Legion of 3 Worlds.
So, seeing as the Original Legion is what appears in the New 52, I fully intend on reading The Lightning Saga, Superman and the LoSH, and Legion of 3 Worlds, as well as volumes 6 and 7 of the ongoing. I'll also find the best parts of Paul Levitz's Original Legion stories (like the Great Darkness Saga) for my enjoyment.
I sorta like Dan Abnett's writing, so I might seek out Reboot Legion stories. I'll certainly read Waid's Threeboot stories. My question is, can I read the second and third versions of the Legion of Superheroes as if they were Elseworlds style stories, seeing as they are no longer the main team in continuity? Or do they clearly reference their legacy and therefore are a little more tied down by the old issues?