To an extent they're overblowing it, to an extent they're not.
Vlad is different now. Not hugely different, but different enough that the same buildpaths and playstyles no longer apply.
I don't want to create a wall of text, so I'll give as brief a rundown as befits the Crimson Reaper.
What's different: Q is no longer a "use this button whenever it's off cd tool", you have to move back in forth in lane according to your Rush stacks and can even zone the enemy if they don't just let you use the Rush on them. Try to start fights when you have 1/2 stacks of Rush, and if the enemy is out of range don't hesitate to heal off a minion. It's reduced healing, but it's still healing.
You can still hit the entire wave with your E if you position right, but doing this when the enemy laner is there to punish you is ill-advised. If you use E as harass in lane, just tap or half-charge it. The self-slow from the full charge means you might just not hit it and you'll cost yourself 10% of your health. Use it fully in teamfights though, since the idea is that your ult (which you should have put down at the start of the fight anyway) will heal up some of whatever health you've lost from the pops.
Pool use is still the same. You can go for those fancy E-charge, pool, E-pop combos, but they're not required to do well. Hitting as many people with ult is more important than ever thanks to the heal, so if the choice to ult 3 beefish enemies or 1 squishy presented itself, I'd choose the former.
Full AP Vlad is super risky, and entirely not worth it due to his AP ratios being lowered across the boards, and his health ratios being pretty damn good. I personally get Randuins and SV as my first two items because I like being tanky to start, but the build order is up to you.
You're still Vlad, so you're still a god in any fight where the DPS you take is less than the amount you heal, and lategame is still your favourite time of the month. He honestly does take some getting used to, almost to the extent of learning a new champ. I'd definitely say try him when you can, and continue even if you feel he's weak, he is set for some buffs already after all.
Basically, the problem is Vlad, but the problem is also players treating him like old Vlad.