(Hear me out) Rylai's is not getting nerfed.

This is just like zhonya's hourglass, which imo is a much better item now than it used to be. Let's look at this very analytically.

Okay so first off, nerfs and buffs

Nerfs: -100 health less -25 AP less -20% slow from 40%

Buffs: -3200 -> 2600 gold cost -Build Path: Needless + Belt + Tome -> Blasting + Ruby + Tome

Most of the stuff here is pretty obvious to people. The item has less bang, however it costs less. Let's go into something most people seem to forget, however: the build path.

Have you ever played a mage like Cassiopeia and backed to realize you have 900 gold and need 1.25k for needless? So what did you do, you bought a ruby crystal because you only had one space in inventory, and can't upgrade to giant's belt (which wouldn't give you any AP anyways). Do you guys see how much this can disrupt your powerspike? Let alone the fact that now you don't have room to put the needless once you get gold, so you have to sell a doran's ring... It's a mess. This new build path has SIGNIFICANTLY more affordable items, and because Rylai's is a huge powerspike for most champions, being able to get it much more smoothly and sooner is a huge luxury.

I think this is overlooked big time when talking about AP builds. No one ever discusses buildpaths when they are honestly one of the biggest issues with core items in league of legends.

Yes, the lategame won't be as good. Two things here though:

1. We are not in a late game meta and probably never will be because Riot purposefully wants the game to end sooner. Do you think they'll ever revert the tower nerfs? It is a big deal for champion's to get powerspikes early atm, so that they can look to end it all in midgame. Champions almost never even get to full builds anymore in any competitive environment.
2. Lategame isn't really about the items even if you do make that far, on anything but ADC. Lategame is macro play, and if you are a champion who NEEDS to build rylais, then what is more relevant is you landing your CC and trying to catch someone out.

That's all I have to say.

EDIT: If I missed any buffs/ nerfs let me know. I'm going off of surrender@20.