Optimizing Effective Health Math with Spirit of the Ancient Golem Tanks
UPDATE: Edited based on forum feedback. Now using the correct new health costs, and took a closer look at the optimal health/resistance ratios. Thanks for pointing that out Pushover!
Wrote a post walking through the math behind the new Spirit of the Ancient Golem and how to optimize a jungle tank build: http://graceunderfiero.blogspot.com/2014/07/league-of-legends-spirit-of-ancient.html
TLDR; Summary:
Spirit of the Ancient Golem decreases the cost of health from ~2.67g to ~1.9g, which changes when it's most effective to buy health versus resistances from an effective health per gold spent standpoint. With Golem % health bonus and % hp runes, you want your ratio of health to resistance to be ~14 to optimize effective health as opposed to ~9.5 without the bonus.
The item adds a lot of utility for additional health regeneration from tank items/masteries making champions like Dr. Mundo very scary during the lategame.
The item offers a considerable boost to abilities that scale with health like Sejuani's Flail of the Northern Winds.
Riot did a great job balancing this item since Ancient Golem tanks can now focus more on buying health instead of resistances, which allows for better survivability against mixed damage team compositions.