A trash item in comparison to what you could get.
Do the math: 450g with a +1 on last hits and a 350g refund = 450g (Also takes up a slot, a precious resource). So all that work breaking even and you get 7 attack and 3 flat life steal at the mid game? That's really, really pointless. Sell it and you get 180g? Basically the gold you'd lose on average because you decided to roll a shit item.
Just do a comparison to Doran's shield (an item that gives you 72 HP per minute and scaling regen, doesn't require you to push to sustain, etc). Easily crushing this greedy item. It's not "situational" if its not picked up often. It's because its bad.
Bear in mind if you aren't getting 100 cs at 12-14 minutes this item is even worse and you've shit the bed. (A bonus: if I see you build this item I have an instant win condition and killing you is worth more than in normal scenarios). Don't give smart players incentive to shut you down any harder.