To answer your questions, I do think that Rengar's most popular role is to quickly assassinate targets. In the early game, I do believe that I can get off many auto attacks as well as Q's on targets. As the game goes on, I do believe that I would be consistently less and less able to deal damage in the forms of autos. As for which jungle item I usually buy, it's quite a toss up. If I'm against someone who adopts a heavy counter jungling attitude and I know that I don't want to meet them in my jungle, I will take Ranger's Trailblazer to efficiently clear and make their invades much less productive. Most games, though, I take Stalker's to have an angrier gank. If I am against an opponent that I know I will be able to dominate (which isn't very often), I'll take Skirmisher's Sabre. After doing the math, it turns out that at any point in the game (assuming you're able to consistently refresh the true damage over the three seconds that the opponent is marked), the damage is consistent with ignite.
To be honest, the attack speed is not necessarily the reason why I would want Devourer. The on hit magic damage is what I want. I've researched that Rengar can still efficiently burst carries with a Devourer / Ghostblade / Blade of the Ruined King in the mid to late game. Having played this, I can say it's certainly not the #deleteyourenemy efficiency of Warrior / Ghostblade / Hydra / Last Whisper and the likes. At least, this is true in the early game. At forty or so minutes, Rengar's damage output in your initial burst is still fear worthy and in any extended fight, Rengar simply does more damage.
For an example of when I think I should buy Devourer, I was consistently bursting my enemy's back line into oblivion. However, they had a Zilean. I was consistently in the middle of fights without my initial burst and I couldn't out duel them once the burst was gone. I also couldn't ensure that the enemy carry would be dead after the initial burst. I feel this would have been a good time.
I am currently researching armor penetration, magic penetration, and damage reduction in general. I have a few theories.
P.S. I like biscuits, too.