Rageblade?!
boy boy boy..... 
boy boy boy..... 
Good thesis, strong arguments. +1
Doesn't really need an argument. The item did need a slight buff from its previous iteration. But right now it's completely bonkers. It's to the point of where champions that don't even fully utilize the stats get it because it provides massive on-hit damage and waveclear.
That's actually a common theme in hybrid items, and why there are so few. They're either totally broken, useless, or inefficient. Rageblade will probably be leveled off to the point of being gold inefficient, and Riot will call it a day because it will be built less.
Bet it was a Yi main who voted for it to stay the way it is. Enjoying easy pentas are ya....[slayer-jinx-unamused]
It just needs a few numbers tweaks.
Yeah its a very strong item