I don't like Sated Devourer -- Here's some Yi Math
Lets look at how many attacks Master Yi performs between Alpha Strikes with both the regular and sated versions of devourer:
Master Yi with 50% attack speed from devourer level 18 attacks 1.25/s, and Alpha Strike will have a 14s cooldown
With Regular Devourer: Alpha Strike, 1, 2, 3, 4, 5-6, 7, 8, 9, Alpha Strike Alpha Strike, 8 real attacks, +1 bonus attack, Alpha Strike takes 6.5 seconds with 9 seconds reduced cooldown.
With Sated Devourer Alpha Strike, 1, 2-3, 4, 5-6-7, 8, 9-10, Alpha Strike Alpha Strike, 6 Real Attacks, 4 bonus attacks, Alpha Strike takes 4.8 seconds with 10 seconds reduced cooldown.
As you can see, Master Yi with Sated Devourer applies on-hit effects 10 times in 4.8 seconds vs. 9 times in 6.5 seconds. He additionally performs alpha strike 26% more frequently. Not only that, but Wuju Style lasts 5 seconds, so he can only do 6 full attacks with true damage before it wears off, and then he takes a hit to his AD ratio, so the last two attacks when using regular devourer are missing out on 10% AD + true damage. Let that sink in for a second: He gets 10 full procs of true damage using sated vs. only 7 procs of true damage and then 2 attacks of actual reduced damage. It is also highly possible that his 2nd Alpha Strike will be weaker, too, without sated devourer if he has any CDR to account for input lag.
This is just one example, and the more on-hit effects you add, the worse it gets (i.e. BotRK).
The end result is basically that champions like Yi, Xin, Shyv, etc. get amazingly increased benefit from sated devourer. I think it should be curbed. Severly. Maybe removed. There is no other item in the game this strong, especially for this cost, and for good reason.
: Just making this a thing in itself, used on almost anyone efficiently with Devourer. Even Kayle. 16% current health every 2nd hit, every hit on Master Yi.
: Takes about 4 people to kill this healing monster, then he just revives if he has his passive and they have to do it again. Meanwhile the other 4 members of his team split pushing all the way to Nexus while they deal with this one guy.
: Ult every 2 attacks and ignores AA's with his E as well as reduces AOE damage. Build full tank with this guy and he is a mighty fine dick in your face.
: With Botrk, he hits for 16% damage every attack. He also procs his E active twice for even more true damage. He can also, as you said, Alpha Strike sooo much, he can juke almost every skill shot with his attack speed combined with his passive, and Sated Devourer, all going into his Q passive.
: This one isn't too OP, though she is a lot more powerful than before. 5% max health every hit with her E on someone, plus 16% current health every 2nd hit with BotRK.
: Don't even get me started with this son of a bitch. He builds Devourer, BotRK, then full tank.
Tiger Stance(Q) : Deals 30% of his AD bonus damage every 2 attacks, and 15% every other plus gains a short burst attack speed, plus deals 30/80/130/180/230(+120/130/140/150/160% AD) on his first hit(hasn't changed, but combined with his Q passive its pretty OP).