AP itemization ideas/suggestions/predictions (wall of text)
In the recent Gameplay Thoughts by Riot Meddler, we learnt that the long awaited AP item update is coming in 8.4. Meddler said that 6 items are being modified and a new item will be introduced. This is my list of predictions of which items could they be plus the new item Meddler mentioned (Twin Shadows). The last one is not a prediction but rather a suggestion of an item that should exist in my opinion. The changes I suggest to all items is what I could see happening (except for Liandry's and the last item).
Liandry's Torment Named Unique Passive: 15 magic penetration -> Removed [NEW] Unique Passive: 10% CDR -Liandry's has always been a bit weird. It has HP and a burn passive for battle mages, but it also has flat magic penetration for burst mages and assassins. Liandry's is being turned into a full DPS item with its new CDR, while a... new? item is being introduced with flat magic penetration. The CDR also allows support mages who want to rush Liandry's to have more uptime on their abilities.
Rylai's Crystal Scepter Cost increased from 2600 to 2800 75 AP -> 80 AP 300 HP -> 350 HP -Ever since its last nerf, Rylai has been only bought by support mages, and it shoehorned some of its core users into the support role (Zyra and Brand). This improvement in stats should bring them more in line with other solo mages.
Morellonomicon Cost reduced from 2900 to 2800 20% CDR -> Removed -Morellonomicon has just been too good for too long, and it's been the main reason why AP items have been left in their current state. Morello just has everything a mage wants early game (high AP, high mana and top-notch CDR). With the CDR moved to Twin Shadows, Morello is introduced as the burst variant of the Lost Chapter line.
Zhonya's Hourglass 70 AP -> 80 AP 45 Armor -> 55 Armor 10% CDR -> Removed -Zhonya is supposed to be a defensive item, not a DPS item. Being an almost-core item on every AP building champion, it was part of the CDR powercreep. If mages want more uptime on their abilities, they should invest in more DPS oriented items (aka Liandry's). With that in mind, the rest of Zhonya's stats are being increased as compensation.
Luden's Echo 100 AP -> 120 AP -Rabadon's reduced % increase in AP could hit burst mages too hard, so Luden's AP is being increased as compensation and as an option to be built as a first item over mana items.
Rabadon's Deathcap Cost lowered from 3800 to 3600 35% Bonus AP -> 25% Bonus AP -Rabadon's a weird case. It is too expensive to be even considered until very late in the game, and then its build path has you sitting into a Needlessly Large Rod for Needlessly Too Long. Even then, when this item is viable, it is built in every single AP champion in every single match. This lowering in cost should be only a temporary measure until it is eventually removed.
[NEW?] Twin Shadows Cost: 2800 80 AP 20% CDR 400 Mana Passive: On-kill mana restore (same as Morello) Active: Spooky Ghosts (same as RIP FQC/old Twin Shadows) -Twin Shadows comes in as the utility-focused Lost Chapter item, with Morello being the Burst end.
[NEW?] Deathfire Grasp Cost: 2900 100 AP Named Unique Passive: 15 magic penetration Unique Passive: Hitting an enemy champion with three of your damaging abilities within 4 seconds will apply Doom. Passive: Doom - After a 1.5 second delay, enemy champions affected by Doom will take x - x (based on level) bonus magic damage. This damage is doubled against shields. -Burst Mages and AP Assassins have had their burst negated for far too long, with only a handful of mages being able to truly burst a target (ahem, Zoe). This is mostly due to enchanters having large shields (which they should have though) This item serves as a shield buster for ap bursters, as shields should mitigate damage, not completely nullify it. The bonus damage against shields might be overkill in some situations, so it is optional.
Edit: Formatting