Voli's new Story is really cool. There's just one problem...
It's a bad story for Volibear.
So little of his current theme and character is kept in this new version. I'm sure that his new story will appeal to a lot of new players who like the sadistic, horror vibes he gives off, but for the people who fell in love with Voli for his current lore... the only thing he keeps of his old identity is the fact that he shoots lightning.
Based off of his description in the story, i'm hesitant to even call him a "bear" anymore. He's essentially cthulu with a bit of bear anatomy tossed in. Similar things can be said for his ursine followers.
This would have been an excellent story if it were given to a new champion. It would have been excellent as a skin with an alternate storyline. As it is currently, Volibear's story fits a character like Mordekaiser, or Chogath far better than it does him.