Item Auras and how they've degraded over time

Throughout Season 3 and in Preseason 4, items like Aegis of the Legion have been nerfed into oblivion (though not unjustifiably) and some auras have been outright removed (Emblem of Valor, Will of the Ancients). Now they have very poor usability, with Aegis and Locket not providing very efficient defense against AOE via their auras (the Locket shield is another story) and really hurting the one who purchases them by giving very poor personal stats for cost.

I feel I need to call the validity of item-based auras into question at this point. They're getting so weak that they feel kinda pointless, even if you're a support. Supports might have a lot more gold at this point, but I feel that the gold is better spent now on items that give the support personalized stats, rather than giving stats to the whole team and making the support weak to snipes.

I can guess that this downgrading of item auras is intentional by Riot, as they give huge amounts of stats to teams in terms of cost efficiency. Unfortunately, the power of getting an Aegis of the Legion feels really invisible, and sometimes even non-existent. 10 bonus health regeneration to you and nearby allies is very weak, especially at mid-to-late game when you can actually get Aegis, and 20 MR is easily countered by a MPen item or Abyssal Scepter.

Granted, I still do buy Locket of the Iron Solari (that shield and CDR are good), but I think that the aura nowadays is just tacked on, rather than being a good reason for getting the item (like when Runic Bulwark was still around). It just... doesn't feel that powerful.

If I could make a suggestion, I actually think tying the MR bonus to the shield effect (i.e. gives shield AND resistances while the shield holds) would allow for a lot more power, since timing and skill would be required instead of simply hovering around your team.

That's just my opinion, though. Feel free to discuss how you think item auras are going.