Well, in years past "legs" were thought to be an indicator of quality because many fine wines do form legs when swirled in a glass. Interestingly enough, all fortified wines will form legs, whether they taste fine or not. What legs really indicate is that there is enough alcohol in the mix to allow for a phenomenon called the Gibbs-Marangoni effect to take place.
The mixture of water, ethanol and misc. solids that comprise wine (or mead, or any similar products) has a surface tension of around 46 dyne/cm. Don't worry about what that number exactly means - you don't need to know how to tell a dyne from a newton to understand this - but just suffice it to say that the higher that number, the more the molecules in the substance tend to want to pull closer together. When you swirl your mead in the glass, it first coats the glass surface with a more or less even film of liquid. But as a little of the ethanol in that exposed liquid evaporates (and it evaporates faster than the water), the surface tension of that which remains goes up. The surface tension of plain water is around 72 dyne/cm. As the surface tension increases, molecules adjacent to one another pull more tightly together, and the net result is that the once even sheet of liquid in your glass transforms itself into small rivulets, or "legs," or "tears," or "church windows," or any of a number of other colorful descriptive terms that are used to describe the event.
The presence of legs indicates nothing about your wine/mead other than it has enough ethanol in it to qualify as a wine, and your glass was clean enough and free enough of surfactant (aka detergent) to allow the liquid to cling to its sides in the first place, while allowing differential evaporation to take place.
By the way interfacial tension, a phenomenon related to surface tension, is specifically the thing that causes the liquid to adhere to the surface of the glass in the first place.