I think one thing we are seeing is players are just slow to adapt. Runeglaive has been out there, Runeglaive buffed Elise's early game, but until Elise received personal buffs, the majority of "Elise" players built her with Cinderhulk when Elise is clearly a champion whose designed for picks - not tanking. On the other hand, players haven't had to worry about Elise for a long time, and it's on them to adapt too. They can't just complain about her and ask for change while being unwilling to change themselves. RIOT needs to be patient and careful and the player base needs to get their act together.
I'm trying to keep an eye on whose playing Elise and I think serious players (players close to the pro scene with Challenger and Master level skill) have started to take her seriously again as a jungle pick, which is really huge in terms of Elise making a return to pro play. I think it could happen or that it is close to happening (or as Zyrene put it on The Harbinger Times, Elise is "scratching the surface" of competitive play). I wrote before that I seemed to be personally feeling the success with Elise while many players that had tried returning to her met with failure and complained about her low win rate. Players have to adapt to patches and especially with a champion such as Elise. I think she needed a buff and I am glad RIOT finally realized that merely shifting her power around wasn't enough.
What about the recent buff helped Elise the most? Probably, the restoration of her cocoon. The magic damage is significant because Elise builds magic penetration. But even more than that I think that the buff finally brings Elise back into the eyes of strong players as a potentially viable jungle pick! That's huge, because we can probably start to see better guides for Elise - guides that have adapted to the changes. And players returning to her are going to start playing her properly again.
I think the best thing for RIOT to do is to let these changes sink in. Players need to adapt to playing against Elise again. The worst thing to do would be to react to players who haven't adapted to the patch. Some players feel the buff isn't enough and some feel Elise is going to be too strong and take over. But the question is: have these players adapted yet?