I like the AP item changes on the PBE right now.

http://www.surrenderat20.net/2018/02/26-pbe-update.html and http://www.surrenderat20.net/2018/02/27-pbe-update.html for context

By doing all this, Riot has managed to...

1. Tack more/better stats onto the new Morellonomicon's (Luden's/Archangel's/GLP-800). They're simply going to have better burst values in a lot of cases and Grevious Wounds gets onto a new item with better applications.

2. Make an AP-assassin tailored item in new Morellonomicon. With Grevious Wounds proccing at any threshold, as well as the mpen and 80 AP, it's an item that works very well for AP divers.

3. And Liandry's gets its own niche now. It's a bit (bit is an understatement) strong but it can be balanced around being a dps item and not a generalist 15 mpen for squishies/constant hp burn for tanks item now.

4. Nerf Void Staff and buff Dcap. With the lower AP value on Void and the lower cost (as I just made a post about how I'd like Riot to lower dcap's cost I'm really happy about this) + possible increase in AP buff, we might go back to seeing Rabadon's be a staple item for midlaners. Void will still be relevant but hopefully it'll be less powerful and consistent than it has been for the last ~4 seasons.

5. Spellbound Orb is a new addition to the game that looks really exciting.

6. SPOOKY GHOSTS

That being said, there are a few problems I think might pop up.

1. Liandry's. I don't really need to go into detail on this one since Riot's already aware of abuse cases like Morde.

2. I don't know how ASol is going to react to new GLP. He needs to get tanky and because of things like Presence of Mind I don't think he'll need the mana. That being said an early Lost Chapter + 20% CDR will be interesting on him.

3. Archangel's stacking the CDR with other items might make it seem inefficient to stack the items, but Tear -> Abyssal Mask could be even stronger since you're getting 450 more mana than you currently are.

4. Spellbound Orb might also be abused by Cassiopeia (just like Liandry's and Archangel's+Mask. Cass and Ryze ruin everything).