I wish they'd buckle on it, go back to the great, innovative, gameplay/story intergation rich stuff they had going, and which people in general were plenty happy with.
I wish they'd make Factions a game mode, and start making more League judgements.
I wish they'd realise that a non-additive retcon is not worth anything, that reboots only work in static mediums, and that gameplay/story integration is what we need more of, not less.
The old lore doesn't have a quality problem, it has a problem of being hard to sift through. The solution to that is to present more of it better, not decide to have less.
Really though, the new lore direction isn't better than the old one because honestly, I haven't seen a direction. I've seen a lack of new stuff actually needing the retcon at all, but I haven't seen any of it as being in conflict with the old lore, they could withdraw the retcon silently by releasing some new material referencing summoners or the institute of the league, and while we'd all rejoice and praise them for it (having the guts to withdraw stupid decisions does deserve praise after all, as does admitting mistakes), most people wouldn't take notice. The people who don't follow the lore wouldn't notice, the people who don't play league won't notice, people who start playing later won't notice.
Nobody would notice it if they canceled the retcon, because nothing's actually been retconned yet. I don't count shortening descriptions as retconning.
The champions who were changed is another issue of course, and a point where they have to start asking themselves how much change a champion can go through before they're betraying the fans of that character. Or betraying their trust at least. It's risky to play with that kind of trust, because why should I invest my time and excitement into something they can take away from me at any time when I can go play a non-dynamic game and be secure in my knowledge that even if the sequel sucks and ruins the characters I've invested myself in, I can ignore that and keep to the parts which only contains the version I enjoyed and invested my enjoyment in.
Can't really ignore meeting new canon trundle in every third co-op vs Ai dominion match now can I? A steady reminder that if Riot decides to, there's nothing I can do to stop them from taking out my favourite champions and replacing them with something else.
I'm just glad it hasn't happened yet. Just like how until they release some actually contradictory material, the great retcon hasn't happened yet.