after a certain amount of armor is added to a build you have to buy %penetration. damage is required regardless.
30% armor penetration from last whisper is only worth it on champs with roughly 150+ armor.
.3 x 100 = 30. 100 - 30 = 70. 70/170 = 41%
100 -20 =80. 80/180 = 44%
if you multiply those number by 100 damage you get 59 and 56 per basic attack. at 150 you get 84 and 88.5
okay. lets increase the defense numbers
300 armor
300/400 = .75
.3 x 300 = 100. 200/300 = .67
300 - (20x3=60) = 240 240/340 = .71
29 and 33 autos for 100 damage and 43.5 and 49.5 for 150
even with fair representation of armor penetration % penetration wins out by a land slide in 300^.
is armor worth it? basically it depends on your champs scaling. if you cant easily reach 300 by late game you're better off just grabbing health or a combo stat item to persuade champions to at least invest a little money into penetration.
damage is worth more than armor after a certain point.
health is worth more than armor after a certain point.
penetration is relative to builds and scaling so you cant determine its value as the value is too situational.
speaking purely at a glance without any outer factors to influence it the only thing you can determine is the value of damage for a basic attack champ. you cant determine the value of damage for physical damage abilities. attack speed will also change the value of armor and damage as well as critical strikes. you have to take scaling into account for all of those.
ability power is even worse because you cant use it without referencing scaling charts specific to each champion.
an important thing to remember is that you cant kill with defense. that automatically makes damage and ability power more cost efficient.
everything else is situational.