Well now with legend 4 you mainly get D9 SOS if you don't get the item of your choice (I got d9 chinese ring sos and d9 euro necklace)
You have somewhere around a 0.5% chance of winning (which would explain why some spend $600 with no win and some pay $5 and win), and when you fail you can get lots of random stuff.
-D9 SOS items - All account-bound
-HP/MP Increase Scrolls
-Random Alchemy Stuff (Elixirs/Lucky/Etc)
-Subscription Card - Doesn't do anything to the best of my knowledge, maybe puts you in a raffle
-Grains
So yea, just so you know, expect your inventory to get clustered with junk if you try a lot to win