Bloodthirster vs IE - Is there really a choice of first item? (long post)
It's been a while since the changes to BT and I just have to ask, what was the point of the change? At the time it was mentioned that it was to give more variety in builds and stop BT being a must-buy first item. All it did, in my opinion, is change the first item rush from Bloodthirster to Infinity Edge. The only difference now is that the items are in the opposite positions. If you don't build IE first (some champions excluded like Vayne, Kalista) then you're doing a lot less potential damage. Basically all it did was swap BT first to IE first and nothing more was said.
There is no real variety just as there wasn't before but what if BT lost its shield, maybe 5% lifesteal and gained 5 - 10 AD? You still have the lifesteal but at a slightly lower rate and the increased damage is just enough that it would at least make picking it first a decent option versus IE. Quick calculations show 85 AD and 15% lifesteal giving 12.75HP per attack (13.5HP if 90AD) compared with 80 AD and 20% lifesteal giving 16HP per attack. The 85AD option is a more cautious option but given the usefulness of the shield I think 90 AD would be closer to a trade with the lifesteal reduction.
Why do I care about any of this? It's predictable what most will build first and it's just a rush to get that power spike first. Whoever gets BF first has lane control as long as they don't throw it. Whoever builds IE first has that massive crit damage chance and is ahead. You may lifesteal for 50 every second but if you get hit with a crit for 500 that's 10 seconds you'd need to auto attack to stay alive IF they stop attacking you. As it stands there is zero defense at all for crit damage in terms of items. Yes you can take masteries to reduce the damage a little but beyond that you either run or die and the masteries are a heavy investment for non-tanks. Anything that makes people consider another item first would be a positive step just as the changes to BT were supposed to do but failed to do.