I'd say it depends on what your team's comp is, if your team has CC already and also could use the magic damage then I'd say go for morde, b/c you can utterly nuke someone if the laners lock them down, easy to get dragons etc.
However, if your team is lacking in CC or initiation I'd go w/ one of the options some of the folks have listed here,
is decent because of his great sustain and W blood trails help a lot w/ moving around the map.
is a great tanky jg and his ult is a major difference maker in mid/late game teamfights, I personally like
and
a lot in the jg because you can easily opt into a bruiser build after jg enchant and 1 other damage item and still do great damage, Whereas WW is only going to build Titanic hydra for damage most of the time and Mumu is going full tank.
To sum up in answer to the OP, Morde CAN be viable in the jg, but only in certain teams that already have CC and setup so that he can do reliable damage and stay on targets, but if not there are several fairly simple different types of junglers that can do well for different situations.