As a support item its a different story entirely.
Its passive suggests it wants to be used on morgana / Sona / Karma, and its got really high CDR but it still has problems. You might be able to build it in some situations where its the best option, but it competes with other items.
If you want a support item with AP and you have a champion with shields, you want to consider censer as well, so it competes with that item. It gives less mana regen and AP then censer but more CDR and chalice passive.
If you want chalice passive you could also consider mikeals which also gives more mana regen and shield / heal power but doesn't give AP.
I guess adding AP makes it more worthwhile to consider over censer, I feel like buffing its mana regen is another option. Its really low compared to the amount most other support items give.
Another weird problem is that most supports easily hit 40 / 45% CDR without Athenes. Athenes might overflow CDR sometimes which makes it less nice to build? If riot is reluctant to buff it, another option would be to shift power from CDR to other stats. The problem now is its even more of a support item then it was before I guess.