He's fine where he's at. All baseline stealth champions are going to be weak, their stealth is easily accessible and has short cool downs.
The problem with Shaco is that he constantly deals with inconsistencies in his kit, random shitty AI on his clone, questionable targeting on boxes, stupid range on his Q that lets you jump most gaps, but sometimes you just can't for some reason, and his E that is his only ranged source of damage has a retardedly low amount of damage, which limits his capacity to lane or use it frequently.
They did however in the update allow you to build both ap and ad and you'll essentially do the same thing with some differences. Ad is the same as old Shaco, but with a better late game, at the cost of a weaker early game, which you can work around. Ap is better than old, you can actually jungle but you'll still want tiamat because Shaco is still ungodly terrible at farming, but his abilities can tear a team to shreds and the burst can be tilt inducing without even needing to auto someone.
Shaco requires flexibility and adapting to the situation probably more than other junglers because his kit relies on outplaying the enemy in all phases. His utility is easily defeated by sweeper. But I wouldn't say he needs a buff, maybe some fixes here and there to even out his gameplay
dat burst