The rifle itself is built on the resurrected Ed Brown 704 action. Ed Brown builds some of the best 1911's in the business........and subsequently charges a lot of them as well. His 1911's are true works of art, and shoot way better than I ever could hope, which is why it would be hard for me to pay $2500- $3000 for a 1911 pistol but to each his own.
Years ago, Mr. Brown built a push feed version of his rifle (the 702 I believe) and the 704 action which is, I guess, a CRF action by definition ...think along the lines of a Sako or M16 style extractor meets a Mauser or Winchester. The extractor is under one of the opposing bolt lugs, rotates on a "hinge", and maintains tension via spring pressure. It clips over the case rim at the pick up from the magazine, and maintains control of the round until it's chambered, and also as it is extracted until the ejector pops it off the bolt face. It is not however, a true full length, Mauser-style extractor. The barrel does avoid having the extractor cut the Mauser's and Winchester's have however, which is supposedly less than desirable in regards to accuracy and safety as I'm told by those who know more than myself
. Also, the action has a plunger style ejector like a Remington 700 instead on a slot milled into the bolt like a Winchester or Mauser 98 if you will. I handled an Ed Brown Damarra many years ago, and from what I remember it was a very well put together rifle. I think it had a very good reputation for reliability and performance in the field, but I've never used one so who knows. I think Mr. Brown's main business was the 1911 pistols and parts, and manufacturing and servicing the rifles was becoming a hinderance to that product line. That's why he stopped making them several years ago...or so I've read or heard.
http://www.shootingtimes.com/long-guns/longgun_reviews_st_edbrownvarming_200812/
As far as the builder now of the Legendary Arms rifles now, its Mark Bansner of the former Bansner's Ultimate Arms. He is a fine rifle builder by all accounts, and I know many years ago when I started toying with the idea of getting a custom rifle, I drooled over his website many a night, especially for his Ovis "Sheep" rifle. Again, I know only his reputation. Very solid rifle and great builder supposedly. I've never owned any of his rifles. He also made his on synthetic stocks (Hi Tech Customs).
The only draw back I see is that the action is a less than conventional action, so like someone said earlier, if this company doesn't make a go of it, it might be difficult to find a gunsmith to service the rifle who is familiar with the action, unlike a Winchester, Mauser, or Remington. It appears to be rather complicated with many moving parts if you will. Otherwise, I'm sure they're fine rifles.