Mejai's explicit cost efficiency has never been in dispute as far as I know, in the 8 years that LoL has existed. Its implicit value is what is often disputed. Let's look at the math. The function for Mejai's AP relative to its gold value is as follows:
G = (193.1 + 193.1K + 96.55A - 482.75D)/1400, G <= 1
Where:
G is a coefficient measuring its actual efficiency relative to its maximum efficiency
K is kills
A is assists
D is deaths
All are measured after the last time Mejai's had 0 stacks.
Now we can also measure each individual factor relative to the maximum efficiency:
Kills = 13.79%
Assists = 6.9%
Deaths = -34.48%
Base: 13.79%
First off, we note that Mejai's has a starting efficiency of just under 14%. At its maximum (100%) efficiency, Mejai's offers AP at 9.66 gold. Therefore, at purchase Mejai's offers AP at 70.05 gold which is 3.24 times more expensive than ability power's theoretical value. The implicit cost here is that the 1400 gold could've been spent on other items with an immediate efficiency or gold/AP ratio that is 3.24 times better than Mejai's. Extrapolating, a player could potentially capitalize on these immediate benefits in way which exceeds the future benefits of Mejai's.
Secondly, at maximum efficiency, Mejai's is 2.25 more cost effective than other items. We note here that Mejai's efficiency at its peak does not balance out its expensive starting cost. This would suggest that, given the time required to gain factors of efficiency and the initial power gimp from Mejai's purchase, it might not be difficult for other purchases to exceed Mejai's implicit value through earlier capitalization.
Lastly, we analyze the factors and their relationships. The average contributing factor grants 10.35% efficiency while the average negating factor reduces efficiency by 34.48%. This means that, over the scope of many games, a player must maintain a (K+A)/D coefficient above 3.33 in order to get Mejai's efficiency closer to its maximum. At a glance, this isn't difficult especially if a player is competing against less competent players. However, this also means that in the event of any extenuating circumstances, it is multitudes less likely for Mejai's to gain any efficiency at all - much less reach maximum efficiency.