@Riot - Please rework penetration
The case AGAINST the current penetration system:
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It's an invisible stat - You can pull up Malzahar's stats and see "Oh, he has 600 AP. That's why I died." You CAN'T pull up his stats and see "Oh, he has X magic penetration. That's why I died."
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It's clunky - I've run into a lot of people who simply don't understand how it works in terms of "Can it go under zero?" and "How does it work with % reduction?".
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It's a counter to a counter - "Gee, Xin sure is ripping us apart. I had better buy some kind of armor item. Oh, wait, he already has a Last Whisper." At one point Riot said they were going to change Last Whisper and Void Staff to percent of BONUS, but they never did. Speaking of which...
The case for a NEW penetration system:
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Change Last Whisper and Void Staff to a percent of bonus - The point of these items is to counter the Rammus with 400 armor/MR, not to make you hit the 60 armor Vayne harder. Change the reduction to bonus and increase it so it better targets those it was meant to counter, and can't just be bought as part of a build path.
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Change flat penetration items into reduction - Liandry's Torment gives +15 magic penetration and 50 AP. This is an item designed for long term control mages like Swain. Flat penetration is almost nearly identical to just buying more damage. Reduction however, serves a unique function in that it increases your team's damage. Imagine if it instead read: "Dealing spell damage reduces MR by 10. Stacks up to 3 times for 10 seconds." Now it serves the more unique role of attempting to tag as many people as possible so as to lower their MR and it synergizes with Abyssal Scepter. Apply the same thoughts to Ghostblade and Black Cleaver.
To make it easier to read:
Abyssal Scepter - Abyssal Aura - Reduces nearby enemies' magic resist by 20. Liandry's Torment - Torment - Dealing spell damage to an enemy reduces his magic resist by 10 for 10 seconds up to a cap of 3. Void Staff - +50% penetration of bonus magic resist.
Ghostblade - Unique Passive - Sharp Aura - Reduces nearby enemies' armor by 20. Black Cleaver - Unique Passive - Sundering Blows - Dealing physical damage to an enemy reduces his armor by 10 for 5 seconds up to a cap of 3. Last Whisper - +50% penetration of bonus armor.
Bonus round: Wit's End - I think they need to remove/rework this item. It used to remove mana, but that was deemed silly and it was taken out. Then it was fused with Malady's MR reduction. Now we have an awkward to build item, mostly attack speed, that makes no sense. You build silly amounts of attack speed in order to gain on hit damage and MR reduction?
3- Sorc boots and flat penetration runes - Should probably just be tossed into the incinerator. Ionian boots serve the same niche in that it increases how much damage you can put out with your abilities, but by increasing how many times they get used. If you get hit 3 times by Veigar's Dark Matter you have only yourself to blame. But if you get exploded in a single combo while you were stunned, well that doesn't feel very satisfying does it? Not to mention, Ionian helps both AD casters and utilities mages as well. So not only does it cover Sorc's niche, but a larger one to boot.