Yep the new guinsoos has returned to the obscurity where it resided before the remake.
Riot really needs to give hybrid damage and builds a proper overhaul. Right now there are too few hybrid champs/items, there could open up and entirely new dimension to gameplay but instead it's just so awkward and difficult to balance in it's current form. They remade Guinsoos this season to try to open hybrid builds back up, but instead they made the item itself so powerful that all auto-based melees could use it.
They need to drastically lower the attack-damage element and perhaps reduce the on-hit repeat to one in every 3 attacks (so it is easier to balance, and not so extreme in abuse cases like kog, yi etc) or have the effect halved- then it can be buffed in the hybrid areas.
Guinsoo's Rageblade - 3200g
+
+
+ 475g
25 Attack Damage
50 Ability Power
25% Attack Speed
UNIQUE: Basic attacks against champions grant +2% attack speed, +2 attack damage and +5 ability power for 5 seconds, stacking up to 9 times, granting a total of +18% attack speed, +18 attack damage and +45 ability power. Melee attacks grant an additional stack every other auto attack (require 6 attacks instead of 9). At 9 stacks, gain GUINSOO'S RAGE.
UNIQUE – GUINSOO'S RAGE: Basic attacks deal an additional 20+ (+15% bonus AD) (7.5%AP) magic damage on-hit. Every other basic attack will trigger on-hit effects an additional time (50% effective).
So essentially this would make Rageblade the full-damage hybrid item that it was always meant to be, with the phantom hit included - but as this effect is only 50% effective it can still be a great pickup but not totally breaking someone's kit like Yi or Vayne.