Object browser in Visual Studio 2012 offers two different component sets for Portable class libraries:
This was so much simpler in the olden days when it was just .NET Framework vs .NET Compact Framework, but Microsoft just had to add XNA/360, Silverlight, and Windows Phone in to the mix.
I can't find any official description of "Portable Subset (Legacy)" but the documentation about the "Portable Subset" excludes mentions of the Compact Framework, so my guess is that the "Legacy" subset refers to the Compact Framework if it's the case that the non-Legacy subset refers to XNA, SL and WP7.