5 specific Preseason changes that will be a problem
**Essence Reaver:
This item is simply going to give too much CDR, too early. With only a Zeal in addition, you get 30% CDR from the passive, which is absolutely ridiculous (with 30% CDR, this item has 111% gold efficiency). I think they should delay its power by making it give CDR equivalent to half of the user's crit chance. This should apply to the item's crit, but the item itself should not give CDR, so the stats would be equivalent. This would mean that you would have to build two more crit items to get the max CDR, instead of just an extra Zeal.
**Crit Keystone Mastery: "Warlord's Bloodlust: Critical strikes heal for 15% of the damage dealt and grant you 20% attack speed for 4 seconds (2 second cooldown)" This will simply be overpowered on champions like Tryndamere and Yasuo. Thankfully, Ashe no longer always critically strikes slowed enemies, otherwise this item would be broken on her as well. Yasuo and Tryndamere will sustain so much that they will not be easily poked out of lane and will probably force the enemy out of lane because they can outsustain them. I really don't know what Riot is thinking in regards to Yasuo, but it seems that he will be incredibly overpowered in patch 5.22, especially since Stattik Shiv now grants 30% crit chance (only 2 items for 100% crit chance now).
**Black Cleaver: This item was strong, but not deserving of the 500 gold cost increase. This is also factoring the loss of 100 HP (although it does have 15 more AD now). The item used to be 105% gold efficient without factoring the two passives. Now it will be only 93% gold efficient. The high price and low efficiency will make the item far less appealing to champions like Gnar and tank Lee Sin who used to pick it up without a special way of stacking it quickly. The stats themselves will be more appealing to damage dealers (aka Riven, Zed, Rengar, assassin Lee Sin will be stronger with the new versions). This item is supposed to be targeted more at supportive bruisers (i.e. Gnar, tank Lee Sin) or champions with easy ways to shred armor (Garen, Darius), but I don't the prior will be able to afford to pick it up anymore unless they are far ahead.
**Frozen Mallet:
This item had a ridiculous passive that was easily exploited by Gnar. That's basically it (except on Warwick on rare occasions). Since Riot decided to remove Zephyr I don't see why they shouldn't remove this item as well, especially since it infringes upon the identity of Ashe. Don't get me wrong, I love Gnar and he is my main, but this item is simply anti-fun. This item had it's cost reduced by 460 gold, making its gold efficiency go from 90% to 105% without the passive. This item is going to become a lot more prevalent, and is very painful to play against. If Riot doesn't remove the item, they should at least change the price to something more reasonable, like 3000 gold (99 % gold efficient), or even to a round number like 2850 instead of 2840.
**Mejai's Soulstealer: Sword of the Occult was removed, and that was a good step towards minimizing snowballing. Riot did, however, buff Mejai's Soulstealer by letting the user start getting stacks early in lane. Not only this, but the stacks now go up to 30 (170 AP total) and you only lose 8 stacks on death. The bonus CDR from getting max stacks was thankfully removed, but was replaced with a permanent 10% movement speed bonus when you have 15 stacks (out of 30, you get 4 per kill and 1 per assist). I'm not even going to bother with gold-efficiency calculations, because I already know this item is going to be incredibly overpowered on snowballing AP champs like Katarina or Annie and on poke mages like Xerath and Lux. The movement speed will make them much safer and the fact that only 8 stacks are lost on death means that only 2 kills brings them right back to where they used to be. Honestly, I don't see why this item should be in the game and the game would be better without it. The entire concept of snowball items is unhealthy for the game, and Riot should do everything in its power to minimize snowballing.
Note - All gold efficiency calculations were done with the new gold values for items. Also, I think Riot is an awesome company, but they are still pretty new and learning. I trust that the balance team will address these concerns, but probably not until they have already been overpowered for a patch or two. Good luck on the Rift, Summoners :p