Hi guys and girls, I simply love the idea behind Talon, and though he is quite squishy, he is loads of fun. This is the way I build him and have had some nice success, albeit in normal q.

Runes
Red: Armor Pen
Yellow: Hp/lvl, Flat armor
Blue: MR/lvl, CDR
Quint: Flat HP, Armor Pen

Reasoning:
These runes allow for a better early game, which has proven to be a big weakness. I prefer the Flat Hp quints for the simple fact that Talon is hard to lane with and this allows you better harass and longevity in the lane.

Masteries
I prefer the standard 21/0/9 taking Imp exhaust. The reasoning is simple, you want to hit hard and the utility masteries allow for a little easier laning.

Skill Order
W->Q->E- R whenever available



Items
Starting Item
Doran's Blade
Great for laning and making yourself a little beefier with the HP and Lifesteal
Early Game Goals:
2-3 Doran's Blades
Mercury Treads
Brutalizer
Sticking with the Doran's allows you more harass and more farm (Talon needs a good farm to be effective)
Late Game Goals:
Mercury Treads
Yomumu's Ghostblade
Bloodthirster
Phantom Dancer (The movement speed is amazing for getting in and out of fights, and his Q can crit...)
Infinity Edge
Situational Defensive Item/Triforce

Strategy
I tend to play very passively unless I have a great lane advantage. FARM FARM FARM. Talon needs farm to be a great assassin. Wait for your tanks/tanky dps to initiate. Wait to come into the fray until you think most of the burst has already been used and clean up. Alternatively you can focus their burst mages/supports after the tank initiates.

This is the way I play Talon, feel free to comment and critique.

Shameless Bump..

9/0/16, and 12/4/15 are my latest games with Talon

First of all, no HP/lvl seals. Flat armor is just better.
Secondly, there is no need to stack dorans blades. It simply delays your core too much to be effective. Rushing brut gives you better return for your money.
Thirdly, phantom dancer is not a good item for talon, being a burst ability reliant character, the attack speed and the crit(mostly) are fairly useless when you could fill the slot with, say, another bloodthirster.
Also you don't really need defense if you play him hit and run (which you should be) so just get more AD on your last slot.
Lastly, playing conservatively and farming is not the point of talon. You NEED kills to be effective. You are not a carry. Farming should not be your priority, even early game. Pulling off rake harass is hell easy, and so is cutthroat nox harass. You set your lane up to be demolished, and to get kills, then moving to other lanes to be constantly ganking and getting kills. I can't stress this enough, conservative talon is playing him wrong