Buff Wriggle's Lantern and make it a stronger choice for farming junglers
Executive Summary (TL:DR):
Buff Wriggle's Lantern (1600 gold cost + 50% more gold from jungle) and make it a stronger choice for farming junglers as compared to the other items which allow for better stats and gold.
(Long) Post:
Wriggle's Lantern is currently an interesting item in a vacuum. My guess of @Riot @Solcrushed Theory: Laning (and thus farming the jungle) will be prolonged, which will allow farming junglers to blow through the jungle faster and to have better objective control (ward + faster clear of the objective + armor to tank it), making the new Wriggle's Lantern a viable alternative.
I believe that, unfortunately, with turrets still being key objectives and snowballing mid/bot allowing for ever more important dragon control, it is very likely that jungler will NOT be able to "AFK" farm long enough to make Wriggle's Lantern a real alternative to the other jungling items (in particular the Spirit of the Ancient Golem but also the other Spirit Stone items).
Additionally, in an attempt to smooth the experience curve between the early jungle and the lanes, delay the timing and decrease the power of early ganks, the experience granted in the jungle is now lower at early levels (no more buff to buff level 3, delayed level 6 in general for a little more gold). Furthermore, junglers running the utility experience boost in S3 will not be able to do so anymore (masteries are gone) and thus no longer benefit of the power of having a higher level that most characters in the game.
It is already a strong tradeoff to NOT be ganking lanes as often (or at all), as you're supposed to do so in exchange of a stronger champion and items later. I postulate that Wriggle's Lantern comes too late and doesn't do enough. As such, I doubt that Wriggle's Lantern will be more than a niche item once the meta settles as the risk of it is much higher than the payoff currently.
The risk/payoff has to be skewed more so (making it a real reward) in order to incentivize the risk of using this item. By putting the total cost at 1600, you can go back before 7 minutes and always have enough to buy it. This allows you to start your second buff clear with Wriggle's Lantern and start the payoff at that time, vs. later currently (this based on what I've seen on YouTube, I don't have a PBE account). By making the gold reward higher (50% or even 60%!), you're making it both a lot more gold efficient to farm continuously and a stronger argument to deter lanes from poaching your jungle.
I hope this post makes sense; please contribute your feedback on the new jungle and jungle items and let's have a fun and constructive discussion about the exciting changes coming up in S4 :)
Regards, Kash