That's... very insightful. Care to explain why?
Anyway, I don't think the aura of legendary Pokemon is quite as great with such a large selection of them now, but I don't think that makes them any less legendary. When you think about it, there's still only one of each in a game, and there are still very few of each as far as the anime's concerned (and sometimes, still only 1 each). Plus, the name legendary is more referring to the fact that the tales of many of these Pokemon have been passed down through generations as mythical Pokemon that are rarely seen- making them legendary. They might seem a little more special though if we weren't up to nearly 50 individual legendaries at this point, though.