Rageblade. Melee v. Ranged, New v. Old
The item is too unaccommodating for Melee champions who used to buy it. Jax and Yi were relatively less susceptible because both have aa delay cancelling mechanisms with the latter a built-in passive, but the likes of Irelia lost a very valuable item build.
Melee champions and ranged champions alike need to use 6 hits to use the item properly. Whereas ranged champions can stack up relatively safely from behind, Melee champions have to walk up to the enemy team, expose themselves to danger as they do, and still hit 6 more AAs to get that passive going.
The phantom hit passive is also too favorable towards ranged-on hit champions as they could constantly benefit from afar whereas melee champions, being the front line champions they are, often have to manage their aggro and briefly disengage at times due to their relative lack of tankiness compared to those who didn't buy Guinsoos.
I also believe that the Rageblade was nerfed too much stat-wise via 6.9.
All in all, the item does too much less while requiring much more gold and the build path is as absurd as ever (even with the recurve bow one still has to save up for pickaxe, then lasting wand, and yet again the combination price ).
The AOE was also significant in that AA oriented champions relied on the item for lane-clear. If the interaction between Rageblade and Runann's was the problem, then that interaction should have been fixed not taking it away from Rageblade.