Let me just be clear about one thing.
People have given me an earful when i was saying Cloud Drake isn't useless. 25 out of combat MS is strong utility for the entire team but people who said otherwise probably just wanted more damage buffs for everyone. How is EoN, with only 20 out of combat MS, more problematic than the Cloud Drake?
MR seems to be in order, only 35, 60 dmg + a spell shield.
Hexdrinker and Maw offer 35 - 45 MR, 20-50 dmg and a 300 + 100% MR mshield.
There are a few ways Riot can nerf the item:
- stats (MR, damage, MS)
- active CD
- spell shield uptime
I believe that it's only short CD active that's the problem as it can be somewhat spammed.
However, active CD can be nerfed in another way - if the active only starts to tick when the spell shield is broken or timed out. That effectively rewards champions who want to have it popped while those champions who let it time out, get a CD of 40 seconds (30s CD + 10s spell shield uptime). This change rewards melee assassins more than ranged Marksmen, because marksmen tend to want EoN as a precaution. They don't really expect to get hit or focused, just to block that one CC they don't want to avoid.
Basically, the only parts i can see as problematic are active CD and maybe damage.
I like my second proposition for the active nerf CD. And shaving -5 damage off might also do the trick. Basically, make the item less stat check-y and make its gold efficiency rely more on the active, not raw stats.