This is basically a buff to everything except a duo lane.
Being able to cast this in a solo lane, even for only the reactivation damage, is a pretty big deal, while having the reactivation damage and a heal on neutral monsters is also really good for farming his jungle. He'd definitely be a decent, if not good, solo laner now, and the only keeping him out of the jungle is his severe lack of gank presence due to no CC.
For his duo lane carry role, the health cost addition, movement speed ramp (goes up to 75 instead of being at 75) and reduced healing on minions is a pretty big deal. It might just outweigh the damage buff he got on it.
However, it is also worth noting that not all is nerfed for Mordekaiser in the bot lane. Him being able to self-cast his W allows him to lane a little better while his support is either coming back to lane after recalling or after helping out either the jungler or another lane. In addition, self-casting his W also allows him to lane better with ranged supports that wouldn't want to get into melee range that much, since melee supports let Morde use his W to engage after his ally but ranged supports will not let Morde engage with it due to them being reliant on that range. Him being able to self-cast his W makes it more usable in these lanes.