Evaluation of Aatrox
As of right now he is in a worse state than he was in before. They took the part of his kit that allowed him to be a diver, and made it only work in a 4 second window, and because of the very nature of aatrox it's impossible to survive that long in a teamfight without going full tank considering his lifesteal is only noticeable in late game. On top of the fact that the changes made still haven't helped him fight kiters, he is pretty much just an opportunist who waits for a good moment to jump in a teamfight. Doing this opportunist gamestyle is actually pretty good with aatrox. You can clean up pretty well with your damage mode on W.
From what it looks like, he isn't an initiator anymore because of his passive revive change. In order to get reliable revives he must dive in the middle of the enemy team with q, then ult immediately after. The problem with this is that his ult channel, despite it being extremely short for a channel, is too long too get any meaningful damage off after it. It's extremely common for me to get 3-5 shot upon diving onto the enemy backline just because you cannot have both damage and tankiness with only 2 items, which is typically when you would start skirmishing or teamfighting. Upon comparing aatrox to other divers ( jarvan and camille in this example ) you can see that aatrox starts with about 40 less hp than both of them, as well as 2 less hp regen per 5 seconds than them, which scales to 7 less hp per 5 seconds than jarvan and camile by lvl 18. Aatrox starts with less armor and armor scaling than those 2 as well. Not to mention that both camile and jarvan have much better diving tools than aatrox. Jarvan and Cammile both have an easier time snowballing than aatrox as well, considering they only need 1-2 items in order to get rolling, as opposed to aatrox who needs about 3 in order to start being meaningful outside of pre 6 ganks. Take what you will from this example, but I am just saying that aatrox has worse base stats than the other divers.
The biggest thing I have noticed is that his problems arise between his first and third item. His super early ganks aren't all that bad, but once it starts to get to small teamfights or skirmishes he really starts to play awfully. On top of that, he has an immensely difficult time fighting tanks, bruisers, juggernauts, or anyone with range and who can kite.
The second biggest thing is that his passive attack speed from bloodwell contributed immensely to his clears, and this new passive doesn't come anywhere close to benefiting his clears as the old passive.
In order for aatrox to work properly, he must be tanky, have attack damage, lifesteal, and attack speed. Only once you have an item that fulfills each role do you start to do scale well on aatrox. This is where the problem lies, he requires too much to get going, but needs to do well without these things in order to afford them before he falls too far behind.
I will continue to do more testing and try to find something that will change my opinion on him thus far. There are a lot of builds on him that have potential, but so far the ones I've tried have fallen flat. If I were to make changes to aatrox in his current state, I would make the revive work like it did previously and make it so that every time he adds to bloodwell, he gets a bit of attack speed.