you have a title question and then a poll that are totally unrelated. ill try and answer the two questions as best as i can
AP Alistar: Ap alister is actually pretty good, but you would normally see that top lane. The issue isnt "is ap alistar good" the issue is, what are you trying to do and can you accomplish that with how you build him. If you are playing alistar for a frontline tank engage, then full ap is an exceptional poor plan. An item or two to make him pack a bigger punch, like a liandries or even just the zhonya's and a bunch of tank stuff could be really good...the zhonya could really mess with people when you come flying in pushing people around pop your ult then zhonyas all their ults.
I have seen full ad malzahar actually work..and top lane. The reason it works isnt just his voidlings, its because he built him for a purpose role in the game, then played him towards that role and did it well...he split pushed the snot out of top all the way to the inhibitor meanhile the entire team was pretty much losing elsewhere...but that got us in and we turned it around. Moral of the story...decide what you are trying to do in champ select, choose the best champ that does that, then build what you need to accomplish your goal and go to work. You might not carry with ap alistar...but your initiation will scary and force them to make mistakes avoiding you while your adc melts their face off.
Question 2: sightstone
It is still worth it on people that you would normally build a sightstone. Reason, why just have vision when you can have vision denial as well? there is no sweeper stone, so the only way to sweep wards effeciently is to have a sweeper..but then you dont get any wards out. So, the answer is:
Sightstone building roles/champions(usually support and jungle) should build sightstone and get a sweeper. Everybody else should get upgraded trinkit..if they want to get "vision denial" pink wards do that job nicely and then grant vision...with the trinkit you can just move your pink ward even if its still on the map (im pretty sure but if im wrong my bad) sweep the area and grant vision at the same time. Or get the upgraded green and drop tons of wards all around the map for the entire game. There is nothing wrong with just getting a sweeper and buying wards. upgrading to ruby sightstone...prolly not worth it.
Super late game however, it may be appropriate to drop the sightstone, switch to the green trinkit and buy a real item...if you are support, that is super super super late game..like 40-50 minutes. if youre jungle this could be a little sooner, but you never want to stop warding no matter how far ahead or behind you are...you cant let the enemy do whatever the hell they want without you knowing, if you do you can throw a game...winning or losing, you can still throw.