I seriously think it's over exaggerating to say that the mage item rework was a 'failure'. In the boards community it's starting to be like one of those situations where someone cleans their desk like a normal person and then says "oh em gee I'm such an oh see dee!"
They set down the foundation through haste passive and adding multiple mana items that could compete once the stats are balanced. That's a pretty big success
I think the problem stems from:
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Seraph's requires constant casting which isn't viable on a lot of champs, and there's this weird counterintuitive strategy where you cast in base
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If you buy Seraph's you'll almost always want RoA (except for when Seraph's was OP), you almost never want RoA without Seraph's. The two just synergize so well.
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Seraph's is the only defensive option out of the three lost chapter items and gives the most AP and mana. It's hidden behind a time barrier out of necessity but at the same time champions who just want early-mid game defensive itemization without all this extra AP and mana (as it'd up the cost, or have a barrier). However it's important to note defensive itemization can mess up laning phase if it's overly efficient!
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GLP and Luden's usually overtake and invalidate each other because... People only think about damage? I don't know. They're two completely different items in my eyes. I think it's because how the items are used in this meta, etc. since in this meta I think mages are measured by how quickly they can oneshot squishies and how often (ahem since tanks buy 1 MR item and ignore magic damage, and mages have double pen and kits balanced around bursting even if they're artillery or battlemages but that's for another time). Otherwise no clue.
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Some playstyles might not feel included because all the different mages can't really be fit into three items
So the goals Riot needs to work towards is: make Seraph's and RoA good independent items (or RoA at least), create lost chapter items for all playstyles including defensive options, change GLP or Luden's to differentiate
I can see a Tiamat/jg item like system where you buy one lost chapter and get several build paths for it (only can pick one though). But I'm not sure. Would love to see a mana item build out of aegis of the legion (and it won't be OP in laning phase since most mid lane champions are only of a single damage type. It'd be inefficient)
For RoA/Seraph's, make tear based on time like RoA instead of per cast. Buff RoA's stats, but make RoA and Seraph's/tear's mana (either the base, or the mana gained, or both) a unique passive that doesn't stack except for the purpose of Seraph's Awe. This is probably the best solution imo since RoA is a pretty cool item but if I don't build Seraph's I lack mana, so I build just Seraph's instead (and many people build both)
The problem with AP having more actives and passive than it already does, as people keep suggesting, is that while you get build diversity, you get less viable playstyles (think redemption locket supports) and you're just recreating the problem with runes... At an active/passive (completely disregarding stats, efficiency, and other factors) level, I'd rather be a mage than ADC (wow my cookie clicker can either be a lightning bolt, or make me faster!! taps mouse like a neurotic old person) or support (123456 oh what are these weird items in my QWER slots???).