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If that's the case this is a giant scam and shouldn't be supported, taking away people's paid content just to re-sell it to them.
They really didnt, many things are left vague or with "we will share more information about that in the future". I guess one reason for that is that they want to wait and see how much backlash comes up in the forum if they really go through with a combination of "nothing carries over" and "some things will be ported, but you have to buy them again".
However you can still play OG Smite any time you like. And you'll get gem 1:1 unlike Overwatch.
Also, do you have any source for getting gems 1:1? They only mentioned you will get "reimbursement" for any gem you have spent, but they didnt mention any ratio. They might as well only give you 1 legacy gem for every 2 Smite 1 gem you have spent.
None of your content is being taken away.
Dont get me wrong, if the game would simply be dying, that would be a different thing. But them covertly switching versions and taking away peoples paid content just because of that? No, thats not ok.
Still doesnt justifie them potentially taking away content or, at the very least, making people buy it twice. "Online games wont be around forever" is a given fact people have to accept. But them trying to make people pay twice for things they already paid for and covertly trying to circumvent their obligations of "buy once - get all for free" of the Ultimate Godpack?
You will get Legacy Gems, not normal Gems. And as others have said those can be used only up to 50% of price for select few items. Even more so those Legacy Gems ARE NOT EQUAL to new Gems in value unless you buy Founder pack, which doubles your Legacy gems to keep up with increased prices, something devs said themselves.
So not only we are getting equivalent of "thank you" coupon with small discount, those "coupons" arent even valued 1:1 with new currency.