http://boards.na.leagueoflegends.com/en/c/developer-corner/ZgBgc5BA-guinsoos-rageblade-devourer-and-bloodrazor
It's more expensive, so hopefully that's sufficient to stop ranged users from going over the top
It has a better build path, so hopefully that stops it being too weak
It no longer interacts with Runaan's Hurricane, which hopefully makes the item less oppressive on ranged users than it used to be
The phantom hit passive is less oppressive since it needs to be built up.
Overall I feel like the set of changes is at least in the right direction. Perhaps removing the interaction with Hurricane isn't enough to stop Kayle and Kog'maw from becoming insanely strong with the item (I mean, they're both too strong already it seems), but it's probably enough to stop Vayne/Kindred/Tristana/Twitch from building it (at least as a core item). While ranged champions can stack it more reliably, they also have to do more work to keep it stacked. I.e. a fighter struggles to get on top of his target, but once he's there he often has sticking power and if the enemy team tries to peel he has a new target on top of him. A ranged champion on the other hand is squishy and needs to get away, but if they put too much effort in to escaping they risk losing their stacks. Perhaps the stacks could fall off more quickly on ranged champions to really exemplify this?
I think it will be plenty strong on the melee champions it's meant for. Especially since those champions no longer need to be a jungler to get the phantom hit. It should be interesting. I expect it will be imbalanced for a patch or two, but it sounds a lot better than devourer and current guinsoo's.
It also sounds a lot less problematic than the huge Zed buff we're seeing by stopping QSS from removing his mark (I'm shocked they aren't nerfing him preemptively). Also sounds a lot less gamebreaking than giving every immobile mage (and heck, the mobile ones too!) the ability to build a low-cooldown flash that gives decent stats and does damage on activation.
Not looking forward to how easily just about every mid laner is going to be able to kill me as ADC next patch...