In general, Photoshop never removes functionality even when new and improved tools are added. Gamut Warning is old tech and Soft Proofing is newer tech. It the term "legacy" is Andrew's description for a tool whose usefulness is limited when compared to what you can do when soft proofing. Generally, I couldn't care less that some colors will be out of gamut...what I care about is what those colors will LOOK LIKE when printed and that's what soft proofing gives you.
As a Colorthink gamut plot of a ProPhotoRGB image with colors that are saturated but within the natural gamut found in nature (e.g. flowers), a high end monitor that can display 100% of the Adobe RGB gamut, and the output of a high end inkjet printer will demonstrate, there are significant gamut mismatches. The printer can print colors that can not be displayed even on a high end screen. How do you determine how the colors will look like when printed by using a screen that can not not display those colors? In this situation, soft proofing does has its limitations.
In this situation, a pseudocolor representation such as provided by GamutVison could help in bringing the colors in the image into the gamut of the print medium. The Delta E values would indicate the amount of editing that would be needed.
Regards,
Bill