No. It's a buff across the board since a Health Tank will still have, say, Ninja Tabi and might pick up a Randuin's, which gives you 90 armor and reduces AA's by 10% and crits by ANOTHER 10% on top of their 85ish armor that's providing about 40ish% reduction.
Since MR is also being buffed on items like Visage and Banshee's, they won't need much more than just the Visage, which is a common item on Mundo, Voli, and such. Heck, it's a common item on anyone with sustain. It's up to 70 base MR. Sunfire and Randuin's are also gaining 50 health while you can get 300 health or 4-8% (If you're near allies, it's 8%) reduction. Then of course BotRK is being nerfed to 6% current health from 8%, Kog's W has lost it's flat 8% in favor of 1.25% per 100 AD, which even with the double attack speed would be a nerf until you had 300 AD, which you won't until your third or 4th item since first item is, as always, going to be the BotRK since you double all attack speed. From there, you'd go IE or your AS/Crit then the other and you'd have maybe 200-250 AD, so you're still not doing much % health, especially since 70 MR+the 30-50 base is over 100 MR, totaling 50% reduction, so he can do maybe 1% of your max health, about 3% per sec. Not too much.
Now, Vayne got buffed to tank out tanks, but her early game took a nasty hit with the flat true damage being removed and her scaling AD being cut in half, a loss of AD after about level 4. She gained 5 AD, losing about 1.6 AD per level, meaning after about 3ish levels, she'll be at -less- AD, plus all other ADC's are getting buffs to their early, so she'll be super easy to dumpster on for days in lane and snowball hard.
Resistance stackers are sort of a nerf since base LW is now 40%, up from 35%, and can max at 47% of bonus where as the old one maxed at 39%.
Also, since Lord Dominikk's gives 15% just because some one is 500 health more than you, it won't matter if the tank has 2.5k or 5k health, it'll still be 15%.
Also, for people who actually think the GW wounds thing will hurt Mundo and Voli... Well, Mundo maxes at 5% of max health per sec for 12s. He'll always have a visage, so he'll end up at 120% regen, which is the only reason why Riot is fine with GW returning at 50%. Currently on live, that 50% turns the 120% into 60%. Now, it turns the 120% in 72%. A gain of 12%. 60% of the 60% health is 36% max, 72% of it is 43.2%. You went from a loss of 24% to a loss of 18%. max health. While it's more common now late game, IGNITE and Nomicon which are common pick ups against these champs will be WEAKER. Plus a Soraka can still press W on you since GW only affects self healing like Health Regen, Mundo's R, and Life Steal, not outside healing like Soraka, Nami, etc. It's a buff to their laning phases since you're forcing your enemy to get Ignite, Nomicon, or waste 800g on a low stat item just to be able to duel you in lane while you get to laugh at them. Hard. Most bruisers wouldn't want Mortal Reminder on top of that, so they'd have to sell it later on for actual beef so the ADC or Assassin mid can give up 15% damage for reducing your regen.
On top of that... at max level, you're still gaining 3.6% of your max health every second and with the usual 5k health on Mundo, that's 180 per sec instead of 300, pre Visage though that's 250. Visage gives a lot that people take for granted when the champs are balanced prior to visage. Honestly, with Visage and GW being common items now, stuff is going to get hectic when it comes to balancing the terror that is Vlad and make it hard to balance out Mundo later on.
