The only things better than release Kai'sa now are her ranges and her E.
And her E steroid is nerfed; it's just that E's reposition aspect was so bad on release as to be unusable, so making it usable still counts as better.
Her passive is gutted even compared to release. Her Q has had its AD ratio nerfed and its evolve nerfed, and doesn't apply spell vamp as a single target spell. (It has a better AP ratio than on release that it never should've gotten, I guess? Was not smart to give that a 100% AP ratio isolated when unevolved -- that DEFINITELY contributed to the success of AP Kai'sa.) Her W does worse damage because her passive is nerfed (and on release, the AP ratio was 65%, too). E no longer synergizes with hurricane and the steroid lasts one second less.
She's finally below 50% winrate, now that we've tuned her back to worse than release in most aspects and gutted her damage with her core item (rageblade) by gutting her passive.
Let's let that sink in for a second.** Kai'sa is the same as or worse than release Kai'sa outside of e usability and 25 range on q and autos.**
Maybe, just maybe, JAG was right about that whole 500 range thing.