The lore is good, but...
The huge error was that Riot made no quick attempt to restructure the base. Thinking hard about this matter, you would have thought that Riot would have just started from scratch and jumpstarted the entire world from Vol. 1. Instead, they've tried to cut out certain, specific factors in order to tailor the lore into a more manageable beast.
The positive of this is obvious: It keeps most of the lore intact. As in, Ionia isn't suddenly some nation in Valoran, we can all picture Valoran pretty well in our heads and imagine the battle-lines and such. Or maybe its not such a pro, as we'll see below.
The cons are what everyone sees: The Narrative team basically has to revisit every bloody faction there is out there and rewrite and optimize every single lore. Its not enough that the could just rewrite the base in one fell swoop, nono. They have to make events and massive planning that takes a long amount of time. Basically this makes the lore so freaking extended... and the story hasn't even started. As in, every character is open to revision, but we have to wait until the game updates to have a Bandle City event if we ever want to learn about it or what role they're going to have in the world of Runeterra. This uncertainty actually ruins the positive that was up above, that the lore is kept intact. I'm biting my nails off in apprehension of what is going to be kept canon and what is going to be revised.
Do we have a time table? No. Do we know what will happen after the entire lore is rebuilt? Nope. Not that this is bad, but this adds to our impatience and to the uncertainty of it all, which makes our enthusiasm for lore, or now as its called, 'narrative', even more of a love/hate.
This I feel is the only criticism that I have for the Narrative team, that they had to go ahead and extend the rebuilding of the lore so long that it drives the fans nuts. Next time, just get the darn thing over with, do it all in one fell swoop, and then start the story. Right now we're just waiting for the actors to walk onto the stage. Sure, there is a story of how the actor's got onto the stage, but it misses the story at hand. Heck, we don't even know what the story is going to revolve around!