I usually go
Dorans x2 > Merc treads or CDR boots depending on their team > BT or IE (not sure which is better, but leaning towards IE) > Last Whisper > Defensive items (situational)


What do you guys do?

Lately I've been getting Meki Pendant at the start, with 2 health pots.
Usually I just stick around in the lane pushing creep waves and harassing the enemy with hss and spear shot. Depending on how well that goes I usually don't recall until I can afford a BF sword, but if we're not doing so well I usually start working on berserker's.
Then I just work on either getting defensive items, or going towards a BT.
Typical matches though I usually don't worry about not getting the gold for a bf sword, so my purchase order is this: meki, bf sword, boots, berserkers OR vampiric cepter, then BT, grab up whatever defensive item I need most (thornmail or banshee's veil), warmogs, atmas, and the rest is mostly situational.

So atmogs... interesting.

Fail and fail. Your success with Pantheon depends on early Brutalizer. If you get solo lane + first blood (not really hard since you can spam them with spearshot and done) and then Brutalizer, you will rock like in old days.
IE is useless. All dmg in the world is nothing when you don't have ArPen... now when you have 40/40 ArPen with brutalizer/LW hurt is spread.
You core should be Brutalizer - Mercs - LW if you are gold starved, BT if you are cool, then BV or Atma (~AD as BF sword at that time), depends on which defensive stat you need. After that more dmg. Never Warmogs, this is not Jarman.
If you really need 2x Doran's and can't capitalize on spearshot pump right from start, you might as well just give up on Pantheon as you'd never play him to full potential this way.
What is somewhat problematic is when you face tanky team and you didn't succeeded in rolling them early. Don't hesitate and buy Madred's, it's is surprisingly good on Pantheon.

Above may sound a bit cocky, but I am tired of seeing Panths with stupid builds who keep thinking they are doing good only cuz their team has enough tanks/cc so they can pickup the kills.

Maybe you're right about warmogs not being a good idea, it was a suggestion from a friend and it seemed to keep me from not exploding whenever they decided to focus me.
I also just did a match where I really felt like I needed more damage output anyway, so I dropped the warmogs for brutalizer which really helped.

I was kinda with you till you spewed this non-sense. How is an on hit proc good for a champ who doesn't scale off of AS, and spends the vast majority of their time casting spells now instead of Auto-attacking. I rarely get more than 1-2 auto attacks in between my SS and HSS now that they have much more reasonable CDs... especially if you build a little more CDR.

Personally I feel the new panth is built as a phsyical damage mage, who gets most of his DPS from spamming his spells. To that end, CDR, ARpen, and straight AD are going to be your best bets on increasing your output. His spells do not benift from crit%, crit dam, or AS whatsoever.

In that respect, I like your core items...Brutalizer is a very nice early pick up, and Last Whisper is a great late game pick up if they begin to stack too much AR. I have personally been having great success grabbing an early Glacial Shroud to help me spam my spells more and make me a bit tankier late game when upgrade to Frozen Heart.

I personally have also experimented with Manamune, but i tend to have trouble maxing the mana out, and have had equal success without it as much as with it.

I think a strong choice would be to grab brutalizer, then get your first BFS...and keep tabs on enemy equipment as to whether it would be best to grab Last Wisper, upgrade your BSF, or maybe even just buy another one.

As for MR, I really like Merc Treads with MR/lvl glyphs. If i need more a Hexdrinker is a nice pickup vs many bursty champs who like to nuke you with a combo. Also experimented with Chalice to supplement my mana regen.

Good luck finding a build that works well for you,

-gap81

Atmog is a viable build, but not rushed, like someone said, a early brutaliser is all you need to capitalise during the early game, 2 dorans or even 3 if you are as mad as me on the ganging is great if you use ultimate to gang whenever ult is up, the bonus from dorans are great and it makes ur ss hits like a huge truck, not to mention the extra hp and the stacked life steal is great for lane staying.

If you do well, the definitely skip the third doran and go straight to brutaliser. After that, depends on the game, triforce isn't too bad of a choice, it makes his already great ms into nearly impossible to chase/flee from. And the extra passive from it gives a decent boost to his dps sine you would be casting so much and you will have the dmg for the bonus to be worthwhile.

Atmog to me is a late game build, after triforce, I usually go for a warmog for the extra dmg soaking and just last longer for more hss and ss. Atma is only ever good if you are either natually tanking stats (like jarvan) or you go for warmog first. Otherwise the dmg it gives is not really noticeable compare to other ad items.

Don't buy IE or BT on panth, he doesn't do anywhere near the required AA to make either of those item worthwhile. While the huge dmg boost is nice, they do nothing on survivability and you would end up being a squishy caster.

So after brutaliser, go for atmog, if you are doing well, fit that triforce in there.

The new panth is great, it's not hard to get rolling in the early game. With the right rune set up, spear can hit mages for 1/3 or their health.

Btw, I use flat dmg red, arm pending quints for him, the others being ( not final yet) attack speed.

With just a dorans blade leaving base, the spear hits for I think 95 dmg level 1. And it hurts!!