The new Sion is pretty widely know for his heavy CC & natural tankiness, not for the damage. He is fine as he is now.
Passive- Looks way cooler than the old Sion ult. At least you can have your own revenge whenever someone kills you, then you kill them back. In situational times, it works really well with 
Q- A very good AoE CC to heavily disengage an enemy team. If your Q is interrupted, meh, you receive like 80% cd to cast it again.
W- My favourite :) HP stackings are so addictive, that I just wanna stay in my lane & cs 24/7, except if you go against champs who deals %HP damages like
. Shield is also pretty good for counterpokes & pokings for yourself
E- The core damage for top lane Sion. At max ranks, it seriously hurts a lot on squishy targets, but Rito has planned to nerf it on patch 5.5 by increasing its mana costs.
R- The best disengaging tool besides his Q. Works best if you're up to the enemy's face to do it, since it's easier, & it offers the same amount of knock-ups. Also a good tool to get into teamfights from afar.