This item does different things per champion. Here is a link to the Wiki:
http://leagueoflegends.wikia.com/wiki/Banner_of_Command
Essentially, it only benefits PET auto attacks, like
's Turrets and
's Voidlings. Clones, like
's Child of the Grave, don't receive a bonus. You can see some math examples on that page, but the gist is that it increases values that straight AP won't touch.
For example, I will quote the math for
's turrets below:
Turrets deal damage based on their AD and deal magical damage.
Gain a bonus 1.8 / 2.7 / 3.45 / 4.35 / 5.1 (+ 2.25% AP) attack damage
At rank 5 with 400 ability power, Heimerdinger's turrets go from 34 + (400 × .15)=94 to (34 × 1.15) + (400 × .15 × 1.15)=108.1 AD. Remember: Heimerdinger can have up to 3 turrets.
This means that the base damage is amplified by 15% as well as the AP ratio getting amplified by 15%. So the base damage of 34 is amplified to 39.1, while the Damage from the AP ratio goes from 60 to 69. This means that the overall damage per shot goes from 94 to 108.1. Keep in mind this is only calculating the cannon shots, NOT the beam attack, using 400 AP as our starting point.
In order to compare the difference to straight AP, you would have to work your way back from 108.1. I'll do that below.
108.1 - 34 = 74.1
This means that to obtain the same amount of damage, I would need enough AP to get 74.1 from the ratio.
74.1 / .15 = 494
This means that at 494 AP, you will do the same damage per cannon shot as if you went with 400 AP with Banner of Command. This means that at 400 AP,
will get 94 AP worth of stats. If you price AP at 21.75 gold per AP, which is what an
prices it at, you can determine the value of the passive.
94 X 21.75 = 2044.5
This means at 400 AP,
gets about 2044.5 gold worth of stats from the passive alone.
is pretty efficient considering that the passive AND active are only priced at 27 gold when you factor in the other stats it gives you. I would recommend picking it up on Heimerdinger for sure, but I would suggest you test it on other champions that have pets to see if the passive is worth it.