L1 employees require that the company employ the person for a year at an international branch so this is only available to multi-national companies.
Yes, and the usual suspects already abuse it to move jobs abroad. If you had observed, it's often multinationals, usually Indian consultancies or companies with Indian Capability Centers, which abuse the H1B. They'll just be forced to switch to the L1.
The key difference here is that the L1 is a non-immigrant visa with a period of 7 years. The H1B isn't.
Guess the cost of becoming a "multinational company" with a presence in a given country if they want to.