I think at this point my biggest problem about champions right now is that a lot of the niche champions have such a small role that they almost never get picked. In my mind, there are a few 'main' champions, which will always be decent in any team composition, maybe not the best, but always acceptable. A champion like Ahri is just all around good, has fine laning, good ganks, fine teamfighting, fine poking, throughout the whole game.
A niche pick is someone like TF, as he has fine laning, excellent ganks, good poke, but weaker teamfighting towards the lategame. So you can start to pick a team around his advantages, shore up his disadvantages. This is why TF is a good niche pick -- he has some greater strengths than a 'main' champion of that role, and a team can build to take advantage of them. Niche picks add good depth to the game, allowing someone with greater understanding of how strong each champion is to be at an advantage when picking a team composition.
The problem is that there are a large number of niche picks that are better under way too specific conditions, which add complexity, as players need to remember what they do should they ever get picked, but not much depth. When, for example, would you pick Fizz, and how would you build a team to take advantage of him? He has strong laning, strong ganks, but bad poke, and bad teamfighting, and it's enough to make him almost never picked. Xerath or Viktor? How do you build a team around them, and are there better alternatives to them? How about someone like Sivir? What makes Sivir a better choice than the majority of other ADCs?
I guess what I am saying is that some of the niche picks need to get minor buffs or changes for them to be more viable. Sometimes a niche pick is actually really strong (sleepers), but generally they get quickly nerfed, often to the point where they don't offer anything in their role.