I think most things about the rework looks cool, but two things bug me.
One, the fact that all of Rengo's stacks fall off out of combat is a problem, as Rengo is going to lose those stacks when going from camp to camp, very adversely affecting his jungle clear. Especially with the removal of smite buffs. Maybe Rengo should keep his stacks when in the jungle and river.
Two, his updated W. Rengar's old W was well balanced and such a playmaker of an ability. Wether using it as a last minute heal that gives you just enough health to get the kill or survive just long enough in a team fight to get the main damage of the enemy team dead. It was reliable and still had counter in the form of CC and a very small window of opportunity to get what you have to do done.
However, with the new W I fear Riot has made the same mistake with Rengar as they did with Ekko. The new heal means tankgar may become how people play Rengar. With the old W, it was clearly there to allow Rengo to build AD and still have enough of a team fighting presence to still be able to make plays come late game, but still have to plan his engage. Now, the new W begs for Rengar to be played Tank. Brofessco actually said that in a video.
Overall though, I think the Rengar rework looks good, and I can't wait to try it out. But please Riot, give Rengar back his old W. The new W is obviously going to make Tankgar a thing, and that is the last thing anyone wants.