Actually, it's not that much considering it has 2 seconds cooldown. Also that mastery basically supports "100% crit chance, instead of lifesteal items" buildpath. And more choices is (almost) always better! Also, due to how huge these itemization changes are, they need to be tested extensively on LIVE before you decide they're op. Oh and an easier way to nerf the mastery is make the cd 3 seconds, they already nerfed the percentage down to 12%, from 15%.
EVEN easier fix - longer internal cooldown on melee champions. Maybe that 3 seconds I was talking about, but leave Marksmen at 2 seconds. Or they could give different percentage values for melee and ranged champions. Let's say 10% for melee and 15% for ranged (as it was before nerf).
Also, to OP - keep in mind that the passive already scales with levels, because the dmg you deal (and lifesteal off of) innately scales with gaining stats via leveling up or gold income.
I actually hope they give it my kind of healthy nerfs, cause I can totally see a lot of players complaining about the edge-cases when it comes to LIVE.