Kog'Maw's late game is terrible, worse than pre-rework.
Kog'Maw's late game has actually become pretty bad with the new changes.
The first reason is that Kog'Maw loses his ability to kite when he uses his W. This means he can't constantly reposition himself during teamfights as other Marksmen do. Also, during the lategame, teamfights are faster so he doesn't have as much time to stack
.
Secondly, on-hit effects suck. Building on-hit on an ADC, even with double attack speed, is terrible because these on-hit items are terrible for ADCs. Marksmen get their damage from high AD and crit, not pure attack speed.
His total reliance on
and weak affinity to AD and crit items makes
a carry that has a poor early game, spikes rapidly during midgame due to
, still retains some power with
, then slowly falls off as players complete more items in their build.
And a situation Item usually gets me rolling. Grab the Fervor and magic pen from the Ferocity tree to give your active W some more smack.