I think it's a nerf against targets close to you, and a buff against targets farther away from you. Since pre-patch Cleave and Crescent's AoE is split into three, if you get caught in what would be the inner zone, you'll almost always take less damage, since you'd have to be in the center to take 100% AD damage which then drops off, and if you get caught in what would be the outer zone, you'll always take more damage, since the very edge would deal 60% AD damage and would increase going in. If caught in the middle zone, you'll take less damage if you're in the inner half, and more if you're in the outer half. I feel like a diagram would explain this a lot better.
Basically, if you're using Ravenous Hydra as part of your burst rotation while in the middle of diving a target, this will almost certainly be a small nerf, but if you're using your active to catch enemies at a distance then this will be a small buff.