Eye of the Equinox is basically a better warmogs and should be used instead of it, here's why
When you compare the two items
vs 
You will notice that they are actually quite similar in stats
hp cdr regen
Reason 1
However Warmogs grants more hp right? Wrong! Eye gets a 240-355 permanent shield which when you really think about it, a permanent shield, is just the same thing as hp
so it gives about the same amount of hp a little more actually in the late game but the differences between the two after you get the shield are negligible at best
Reason 2 The regen, Warmogs has it's passive effect which grants obscene amounts of hp regen. However taking damage disables it. But Eye of the equinox also grants regen. Killing minions with the execute grants 50 hp, but also regenerates your passive permanent shield for 64-85 and as i already pointed out you can basically count that shield as hp therefore the shield regen as hp regen. While not quite warmogs heart levels of regen, well actually it is but it's way more limited, 4 procs limited, It also heals allies which is enough of an advantage over warmogs heart because being the only healthy guy around is pretty useless since everyone else will have to back and so 9/10 times you cannot stick around either because of it. The last advantage comes from the fact that you can actually use this regen in combat or siege situations unlike warmogs heart. All things considered it is actually a lot better then warmogs heart.
Reason 3 Wards You get access to extra wards allowing you to grab oracle lens and contribute majorly to the vision game This is something warmogs simply cannot compete with.
Reason 4 Gold generation! While i already wiped the floor with the stat differences, pointing out how Equinox actually holds an advantage there already as well as pointing out another major advantage with wards ill show you some more Gold generation is one of them. Killing minions gives your nearby allies gold, additionally you get more passive gold income too! It's also noteworthy that the item is 550 gold cheaper
Reason 5 Other advantages Out competing warmogs at it's own strengths and granting a few major other advantages there are a few minor advantages to consider as well The item being 550 gold cheaper as i pointed out and gold regen means you can get much much much faster! That is really nice , but another really nice thing about it is that the item isn't nearly as restrictive in it's use as you have no special health requirements before getting access to many of it's benefits Though you do need to gather the gold for the passive shield, which you should be doing anyway whenever you can to help team with gold and heals as well as getting a gold lead yourself. you can get the shield online pretty easy all things considered before you can even get warmogs passive active in almost any case. I mean all you need is for your jungler to come collect ''free tax money'' every time you want to shove lane and back to base, or if you are jungling then you go tax any lane which is ready to back Getting them advantages in gold without even having to successfully gank
Conclusion
All things considered warmogs loses in every aspect vs this item rendering it obsolete outside of niche cases or fun builds.
The question then becomes is
over powered? Or, is
under powered or simply trying to fulfill a niche in an nonviable way?
Edit Gotta love the boards haha
Give them 5 valid reason's why Eye is better then Warmogs and they down vote it
Just for the extra salt it will generate ill give 6th reason why Eye outclasses warmogs
Reason 6 Shields are stronger vs % health damage then plain health It's a minor one but it will help at times in your games
Additionally it will benefit from bonus shielding from certain items like
And the runic armor mastery as well
for hp than warmogs.


