While that may be true, it provides a legitimate 20% CDR option for tanks/bruisers offering combat & utility stats that isn't Frozen Heart. There just aren't very many other options for that 20% CDR we all love. I mean come on, Zeke's Herald isn't very convincing and I just don't see Nashor's, Athene's or Morello's making it into a tank/bruiser build.
While I do like the stats coming from Frozen Heart, it doesn't offer any health or combat stats. I always want to buy Thornmail (such a godly item) because it synergizes so well with my magic pen, cinder burn, gromp buff and puts those ADC's in check. So that means I have two item slots devoted primarily to armor and no health which delays that juicy health stacking from Cinderhulk. Furthermore, manaless champions want a 20% CDR item, but don't want to pay for the mana in Frozen Heart.
Additionally, there are very few items giving tanks a movement speed boost in the game. You may notice that % movement speed is found in quite a few AD & AP items, but not so much in tanky items. That means tanks/bruisers are left with Trinity Force, Zephyr or one of the other attack speed items which are expensive and prohibitive to soaking damage. While the new cleaver may not be a primary tank item, it will at least have enough health and CDR to make up for that and give tanks a little bit more movement and utility in battle.
When I first saw the changes I was really happy about them. It's a step in the right direction if you ask me and I can't wait until Riot revisits Zeke's Herald. Seriously, look at Zeke's and compare that to everything they're throwing into the new TBC. For the life of me I can't find a champion or role that will consistently want to pick that thing up. Maybe someone can enlighten me, but damn... it just needs... more.