It beats Gunslinger, Blademaster, and Rangers but loses to Sorcerers, Elementalists, and Wilds.
Unless your RNG is terrible 60% dodge basically more than doubles the effective hp of your units vs autos. Its practically a wad of armor just for drafting 6 Yordles. Granted, you either need Spatula or Trist to make the comp, but its generally worth the investment.
OFC the Yordle comps do have the issue of lacking a real carry. You have Gnar and Poppy which are frontliners. You have Lulu who's a support. Tristana is a Gunslinger who won't get synergy for her damage. That leaves Kennen and Veigar. Both have good damage, but their abilities are really delayed and they won't have the persistent damage of a Jinx or Draven.
However, given Lulu + Veigar are in the comp all you need is a 3rd Sorcerer to get more damage. Aurelion Sol and Karthus can make up for that weakness pretty well (Karthus is still slow to go off but he actually wipes teams if he can ult).