I understand the limitations with Bluetooth 4.0 being low energy, etc. but what I don't understand is the AirDrop limitation as well. My 2011 MBP can currently AirDrop to another Mac, and my iPhone 5 can AirDrop to another iPhone, so why does Bluetooth LE have to be in place to AirDrop between my Mac and iPhone?
Because the old airdrop from mac to mac used wifi while the new one uses the Bluetooth LE version added in iOS 7. Mac's still have the option to do the old airdrop method though, including newer macs with Bluetooth LE. Old ones just won't be able to airdrop with iOS