Discussion/Opinions on Jungling as it is thus far Pre S4.
As a jungler since I joined the game, I've loved the position of jungler. It offers a deal of freedom and it's the role that helps the team overall the most through the early phases.
However as many have stated, Jungle is... underwhelming, they recieve the least, and on top of that even supports out-scale them now. The fact that Riot's supporting Junglers only with Jungle-reliant items doesn't help, wherein supports get, not only the intended dual-laning items obviously such as 
or 
, but items that can let anyone buy them and solo lane, such as 
or 
.
Now, compare those two items to their closest relative jungling item:
When you review their stats, you see that Golem just doesn't hold up. Not only do these support items offer effects which directly benefit the -team-, but for the same price they offer fairly large benefits even to the user (if not the user and their laning partner).
In this case, not only does Face of the Mountain offer equal if not superior stats to Golem, but it's effect works better for jungler AND laner alike during ganks, effectively doubling the worth of a minion. As the wiki has noted for face:
Assuming the item-user kills the most valuable minion from the Summoner's Rift wave, it provides 8.88 G/10 to the user and 12.22 G/10 to the lane pair. In case the item-user kills the least valuable minion from the Summoner's Rift waves, it provides 5 G/10 to the user and 8.33 G/10 to the lane pair.
Effectively Face makes taking a CS worth from 13.33 GP10 to 21.1 GP10 combined, effectively making it more gold efficient for the team, and more effective than Golem's new passive. It also makes the iffy question of "Should a jungler get CS while in lane" a moot point. As for Tenacity, if needed they can get mercury treads. (Not that tenacity's worth it late game, wherein whole teams are prone to get CC'd one after another into oblivion, but that's another discussion).
While Wraith and Lizard have their own effects, only Lizard actually offers anything of value to the team itself: a measly true damage burn that will probably not even be noticed. 50 True Damage over 3 seconds, at a phase of the game that everyone will have nearly 1500 or more HP, and an upwards of 5000 depending.
How is a jungler expected to be a member of a team when the item that most adds to the team is the weakest? (Mind you, it barely adds damage compared to most level 2 skills after Armor and the sort are calculated, and I'm talking the damage this adds at level 18).
This brings me to my current point: jungler items have forgone the jungler being of aid to the team, and instead have put them at a point where they're expected to stay in the jungle and farm, forever.
Let's not forget poor Wriggle's lantern. Y'know, one of the most cost inefficient item in the game at current? This 
here, whose cost-comparable stats = 1233 G, and yet whose cost is 1650 G. There's a reason I don't even see Yis buying it anymore... not only is it obsessed with jungling, it doesn't really add much of anything to the user's stats, making it effectively useless. Armor? Not exactly much. It and AS is a rare combination I'll give, but it still doesn't hold weight for teamfights at such a low value of armor. And this item was made for jungle farming over ganks. And yet has the worst stats. Ouch.
Basically put, I think for this to work the following needs to be done. I know I might be off considering we don't have the full reality of Season 4, but from what I've seen this is true:
A: Wriggle's Lantern needs a higher base armor, at least 50. If not this, then it needs to provide a degree of lifesteal again. At 44 Gold per % of lifesteal, I'd give it 8% lifesteal. This will makeup for the fact it has a free sight ward attached, but give it what it needs to be viable without being broken. Other buffs might be included and/or necessary.
B: The jungle trio items. I would give them scaling stats that break if the owner kills anything else other than jungle camps. I'd directly link these to individual camp caps. IE: +10 to X stats for every X camps of 2 Wolves and 1 Alpha wolf killed. +20 to X stats for each X lizards + Elder golem, +5 for each Golem/Ghoul camp killed off. (These are tentative numbers). This would allow Farming junglers to scale in a way they can't now, allowing some junglers a level of contribution to the team they lack now.
B-2: Like B, but with the 'bonus' effects. IE: Elder Lizard's item buff will add +2 damage for each lizard minion slain, and +5 for each elder lizard slain. This can cap up to 100 points total. Since these only spawn underneath the Lizard and Golem spawns, this would take a while to make very powerful, but feel very rewarding. The Golem's item tenacity would be +1 for Golem, +2 for large golem, and +3 for Elder Golem. This can cap at a total of +35% Tenacity. (As noted, this bonus would break permanently the moment you kill a minion or enemy champion instead, capping out there. IE: If you are at +52 on Elder Lizard, you will never bring it to +53 or higher, it will stay at +52 unless you sold and rebuilt the item).
C: A series of items that split off from Machete, similar to wriggles. These will favor more on combat stats and offer different bonuses to more gank oriented junglers, but be nowhere as strong as a farmed Jungle-farmer item.
D: All jungle items should offer +X gold per monster kill, even something as small as 1 or 2. Because as it stands, junglers get amongst the worst gold flows unless they're constantly ganking.
As I said, all of this is simply my opinion, and does not hold weight unless agreed upon. I'm sure some of these points are agreeable, some are not, it's all point of view. But either way I hope this will open up conversation on the topic.