http://leagueoflegends.wikia.com/wiki/VPBE
This is a little slower than S@20's summary of the patches, but at this point contains all necessary info nontheless.
For Kindred's changes:
- Q reduced CD increased to 4/3.5/3/2.5/2 from 2 at all ranks.
- W has a changed passive stack generation formula, lasts 8.5 seconds instead of 8 and does 50% increased damage to monsters
The Q nerf means that her early dueling and ganking power is significantly reduced, as she can now only use Q 3/3/3/4/5 times within one activation of W. The W buffs are there to compensate a bit for the clearing power removal the Q could have. Also, regarding the changed passive stack generation formula, we do not really have the absolute values currently.
The removal of Devourer turns her damage output towards being entirely physical damage - but armor values are generally greater than MR values except very early in the game. Also, unless the target has 1000 - 2500 HP, Bloodrazor will deal less damage than Devourer (30 magic on-hit)/Sated (for ranged, an average of 75 magic on-hit). If you include Kindred's favorite keystone, Fervor of Battle, the lost damage from Phantom Hit becomes even more pronounced, as max-stack Fervor deals 112 physical damage on-hit at level 18.
Next up on the list of nerfs to affect Kindred is the removal of Maw/Sterak's stacking, as their passive shields now share the same unique name (Lifeline). Meaning, proccing one will put both on cooldown. Beyond Kindred, this will also affect the other burst-resistant ADCs currently running around.
Next, an indirect nerf in the fact that Cinderhulk is buffed to be on par, damage-wise, with Sunfire Cape, which should buff tank junglers, among them her natural counter
.