Runic Echo is going to be OP as heck midlane
Okay, to start things off, THANK YOU RIOT FOR HELPING FIDDLESTICKS!
That said, this new jungle item is going to be abused SO hard in mid lane. Not only does it offer the AoE effect of Luden's Echo (20 less base damage is negligible) for enhanced wave clear at a very low cost, but additionally the mana sustain this item offers is insane for any mid laner. Restoring 18% missing mana for throwing a Q at the raptor camp is absurd. You don't even have to kill the camp, you just need to damage them. The only reason Ruenglaive's mana restore isn't broken on laners anymore is that it procs after every ability cast for a much lower amount, providing effective in-jungle sustain but being ineffective outside the jungle. Runic Echo on the other hand provides a massive burst of mana for almost no cost (a mage who is OOM with 1000 base mana and a low cost Q could easily restore well over 100 net mana for a single ability cast).
I'm really happy that Riot is replacing Runeglaive, but this item is not the answer. This item is not only easily abused and likely to be gutted for it, it is also only helpful for mana using junglers, and much of the cost is invariably wasted on the massive mana refund, making it incredibly unappealing to manaless AP junglers, who are already severely underrepresented. It is too strong outside the context of the jungle, while not dressing the needs of all AP junglers.