I'll play devils advocate here and say it's not always that simple. The reality is you are trading early game power for a spike in late game gold. if you buy a more offensive item and don't take control of the lane or in fact still manafe to lose it...you may well be worse off than if you bought blind blade and passively farmed waiting for that mid to late game gold spike.
It almost seems to me to be a better item if you are behind because it allows you to generate gold even when you are being zoned...and it makes every last hit you do manage to get more meaningful.
A. assuming you build a core item that includes blind blade...
B. You are willing to sit on it as long as possible...
It will allow you to hopefully hit a mid game power spike from gold generation and item purchases that gets you some traction and back into the game.
The power curve for blind blade compared to other items is odd because it's greatly depends not just on how long you can hold it...but also what you might have been able to accomplish with a better item. It may end up a wash more often than you think...but in some scenarios I do see blind blade being the better choice. I'm not sure it's relevant though, because even if it does give you more net gold than another item might have in a losing lane...the fact you lost lane may decide the game more than your income. Then again...maybe not.