it's only really worth it if you need to counter high armor. Because of the way armor pen now works, with flat coming first, and with the nerf to whispers damage, it's a fair amount less effective.
Right now you can easily start with 24 armor pen from runes and masteries. A lot of characters get a youmu's on top of that, because it's one of the best dps items for the cost. That's now 44 total armor pen. Most champs without buying armor items are gonna end with around 80ish armor at lvl 18. That means whisper is only giving you another 15ish armor pen, and that's only late game. Before level 18 with that build it does even less.
Pay a little more and get starks instead, and you get the same attack speed, 20% lifesteal, 20 armor reduction, and you'll give your team some lifesteal and attack speed, and they'll benefit from the armor reduction.
If opponents are actually getting armor, it's definitely better. If they're just getting one armor item, starks is still probably better overall for it's team utility, but if they're stacking armor, yeah last whisper is fine. But in the case of stacking armor, it's probably better to just get a madred's instead. Yeah, it costs a lot more, but it's a solid item on most dps, and mixes your damage type, which is more difficult to counter with mitigation, and the nature of the proc makes it anti-health stacking as well.