Yi is very feast or famine. I've played him quite a lot with some great successes. I have almost 2000 wins in normals and I've been around since 2010 so trust me when I say that Yi is nowhere near as difficult to play against than he used to be. That being said, your decisions in the early-mid game determine whether you're going to have a rough time late game dealing with him.
He's incredibly feast or famine. In the early game he is susceptible to counterganks and counterjungling. If you're playing draft, you're going to want to pick an aggressive early game jungler and ward his jungle. Shutting him down early allows you to pressure other lanes without worrying about his ganks on your own team. Once he dies once or twice in the early game, he has to spend nearly 15-20 solid minutes just pure farming in order to catch up. During this time, you need to capitalize on the lack of pressure by making plays in your lanes. Taking 2-3 towers and getting multiple kills for your team during this time is important and if you do so, Yi will never get to a point in that game that he will roll over you. Unless of course you let the game drag out until 50+ minutes.
Late game, if Yi is fed then you definitely have a problem, but it doesn't mean you won't be able to win. If Yi is 12/0 and he's split pushing and nobody else can deal with him. You're going to want to apply pressure anywhere you can to draw his attention away from split pushing. You're going to want him to choose between losing a baron or gaining a tower.
If you see him split pushing top lane at your inhibitor tower, then push mid/bot while warding up bottom jungle. Force the enemy team to fight you with your 5 vs 4 advantage. If Yi has teleport, force him to use it and immediately disengage. Then you can swap sides of the map and pressure him again since he doesn't have the teleport to join team fights.
If Yi is grouping with his team then it becomes difficult. A Yi will typically wait until the end of the teamfight to come in and clean up whoever is left on your team. If he's too fed to fight when you're low then avoiding fights and out rotating the enemy team is how you're going to want to play it out. Make sure everyone is buying wards and using their sweepers to make sure the enemy doesn't know where you're rotating to. All it takes is one or two successful picks by your team to take an inhibitor or baron. Once you take either, it becomes insanely easier to deal with Yi.
Keep in mind, a lot of this comes with the drafting phase. You're going to want champions with CC and hard disengage since slows aren't really effective when he's ulting. If you're playing normals, it's sad to say but it's definitely possible that you will get a comp in blind pick that is absolutely terrible against Yi. Best you can do is not die to him and disengage.