Still costs 80 mana at level 1. She has 324 mana at level 1. So she can cast it 4 times before going oom. If you spam Q with that kind of a cost at level 1, you are literally retarded.
However, it does have double duration vs monsters. In jungle it should be very impactful. They have also removed the max damage vs monsters. So at level 1 with no bonus AP (in practice, you would likely have some AP from runes and/or masteries) it was only doing 40+ a very small amount of damage. Now it will do at least 20 x 6 = 120 damage at level 1, which is like 3 times more damage.
Unfortunately, this is a nerf to Rylai's builds in that the weakest slow takes priority. Moving the ability from a single-target point and click for damage to a DoT reduces the slow from 40% for 1.5 sec to 20% for 1 second. This also indirectly nerfs the damage output from the Liandry's DoT as well.
On the other hand, the new damage totals are actually higher than previous at all but level 5. It comes out to 60/90/120/150/180 +45% AP magic damage over 3 seconds, and twice that vs monsters.
With Runeglaive, Rylai's, and Liandry's, she would have 230 AP. So 180+104=284 total damage. Too bad about that really poor AP scaling.
The very short CD means that she could potentially spam it right off to burn someone down, then swap to spider form to finish them. Tactical decision making at its best.
I think this will be a mid/late-game nerf and an early game buff. And an early game buff means she will be ganking earlier on average. But vs champs she will actually be doing less damage. I guess if she can get out of her first clear and gank very quickly, she could potentially make it work. If she has any mana left.