I wouldn't say that Morgana is in an "amazing" spot. She's been indirectly nerfed by her primary support item changes over the last year or two. When they changed the way Spellthief's procs interact with her Tormented Soil, her W lost a LOT of it's power. It no longer feels rewarding to land a perfect placement because of the way that no matter what, it only gives one proc now. Not to mention that Tormented Soil is already fairly low damage and pretty expensive mana-wise. She also lost access to the active of Frost Queen's Claim unless building Twin Shadows. Due to the price, I find Twin Shadows to be an appropriate buy either as a luxury item when way ahead or in a game where Morgana is playing very defensive. The synergy the active has with her kit is still there, but for the price it really isn't worth it otherwise when there are other more important items to buy.
With that said, I do think she's in an okay spot. She's not oppressive, but she's also not weak. This is something I think is consistently true most of the time with her, something to attribute to her solid design. Though her kit has a couple of questionable abilities, it accomplishes the job, allows for varying play styles, and has withstood the test of time. The only thing I could really imagine Riot changing significantly would be her passive and maybe her ult. I think her Q and E are integral to her identity as a champion. She needs to keep her W for pushing power (as a control mage) and gold generation with Spellthief's. Her ult, while an anomaly in a champion that otherwise encourages safe play from a distance, is strong disruption (even if it can be difficult to activate the stun because of the 3 second delay).
That leaves her passive, which in the support role finds little use. She doesn't often attack jungle monsters. She doesn't often throw her Q at a cannon minion. It's only on the epic monsters and champions that it really comes into play, but even then is nearly unnoticeable unless building damage. I could see this passive being reworked into something new, or at least changed in a way to work better.
What I find very appealing about Morgana is how much of a generalist she is. She's like a jack of trades. She will never be a contender for the best at any particular attribute, but she can do it all. She can build tank or damage. She can be aggressive, initiate, farm, protect, peel, CC. She's viable support and mid without being troublesome. I haven't seen it in awhile, but this was also true for her in top lane for a long time. She can (I think?) still jungle.
I'm very, very, very much looking forward to her updated lore, voice lines, interactions, and models. I actually bought Sinful Succulence despite being in love with Bewitching and Ghost Bride because I'm reckless and willing to bet on its updated model coming out sweet.
From what I've been seeing and playing from morgana is that (in my opinion) is just in an amazing spot morgana can play both mid and support really well!
she may have a little bit high mana costs (if you're spamming q and w) but her q stun can help fights a lot, her w gives fast wave clear and her e gives her immunity to stuns silences knockups hooks and gives a little bit of mr and her ult gives so much potential in fights and her whole kit has a great purpose and it fits her when you look at it
whoever designed her did a fantastic job
to survive instead).
's pull and stun rather nicely during landing phase with her shield.
as well as the active
