I Love Mordekaiser, Secret-OP tier and Anti-Tank. Thank you Riot for 5.4
I've waited to talk about this, after testing him out since his 5.4 patch changes. Doing a lot of theorycrafting with him, I feel like he is secret-op tier. I have been doing nothing but play Mordekaiser when I play this game. Credit me with his rise in popularity in the future, everyone. I will continue to be playing the shit out of him, I am going to continue to become a better Mordekaiser every day, and I will eventually dominate.
I do not really think he is OP, I think he is in a great spot right now. I'm just very enthusiastic about the changes.
1 note: Cinderhulk is new meta right? But guess what, Mordekaiser's ult "gives you 25% of the enslaved champion's bonus health" Thank you, Cinderhulk, for all that health.
His CDs are low. His damage is high. People say "QSS ruins him", but people forget the other bonus from his ult: The massive health/shield gains he gets from it initially. If their ADC builds a QSS to prevent you from ulting him, good thing you have magic penetration because you are going to be ulting the tanks. Yes, thats right, the tanks. Since your damage scales off your targets max HP, that will be a fat ass heal.
Lets say its end game right, we are facing a badass tank rocking 4k health. A reasonable amount of AP to have is lets say... 350 AP? Not too crazy, not too bad. With magic penetration runes and whatnot, lets say that tank is reducing the damage you deal by 40.
Mordekaiser ult: INITIAL MAGIC DAMAGE: 12 / 14.5 / 17% (+ 2% per 100 AP) of target's maximum health
You are doing 24% of their health in damage instantly, minus 40% and that leaves you with 16.4%. So basically, you just insta-healed yourself for about 656 health, and another 656 over the course of 10 seconds (so 65.6 health per second)
In addition to this, his ultimate also does this... "During this time, Mordekaiser gains 25% of the enslaved champion's bonus health"
So basically, you Nasus ulted yourself by ulting their tank AND healed yourself for a fuckload AND you are regening health at an amazing rate.
This is great, because Mordekaiser only builds 1 single health item ever: Spirit Visage. Aside from that, he builds resistance+offensive items.
Core items on Mordekaiser include:

Situationally I like building 
All these items give you a lot of resistances, with the exception of WotA, but only one gives health. That is why I recommend running some scaling health yellows in ADDITION to health per 5 yellows. They nerfed his base health regen, and for damn good reason. They lowered the costs of his abilities drastically. Testing health regen, move speed, and flat AP quints. I'm building for a powerful laning phase. Now start with Doran's shield, or Cloth armor + 5 health pots. You can take a load of damage in addition to putting out a load. All magic pen reds, all magic resist scaling (or flat magic resist, depending on lane) blues, and you are solid, and you regenerate health like a boss.
Even with QSS guys, Mordekaiser can be very damn powerful in a fight. With how his ultimate interacts with people, this is amazing.
He puts out non-stop consistent damage and regenerates health like a monster. He counters the assassin meta because there is NO WAY IN HELL they are going to burst him down.
There are many other reasons that make him great, but that is all. Please Riot, do not change Mordekaiser. I truely believe he is in the position LeBlanc was all those years ago when she was "OP" but nobody knew. I don't mind that he is not popular, I am going to continue to play him because I love his kit and changes you made to him patch 5.4.