Let's talk about this item. How often is it purchased? How is its buildup? What would be the ramifications if it were removed?

UPDATE: I'm going to pull over Grez's Spectral Lantern from Twisted Treeline for 1.72. This and Lightbringer will co-exist for a patch; we'll see how it plays out. Eventually, we may do something like make Lightbringer build out of Grez's so it has the active.

It's an awesome underrated item (and cost-effective). It is actually very OP on ADC to deal with people walking into a bush. Effective counter vs several stealth champions as well. I feel like it's much better to have this on some champions like Vayne than the more expensive PD that most people rush if you're not going to buy an Infinity Edge later on.

I rarely buy it.

I dont play much adc or ranged so i dont get it much

Players buy this item to counter stealth champs, specially the champs who can use stealth frequently or stay in stealth for longer time. But i would say the usage is like 1/30 matches and mostly ranged char use it. Since hextech lost its passive, i would say remove the passive from this item as well. Wraith Collar is already there to reveal the stealth targets half way across the map, oracles still exists so either remove it or redesign it. Dont allow players to use one item to nullify the whole stealth as a defense concept.
So i can safely say people buy this item rarely to hard counter Akali, Eve, Shaco, Twitch, Wukong and in rare cases Renegar, Khazix.
Edit : Keep the downvotes coming, truth will always hurt.

It's a staple of my ADC builds in Dominion. I pretty much always get it as second or third item, sometimes first. It's amazing against those pesky bruisers that run into bushes for cooldowns.
The alternative is to run CV on carries, rather not do that.

An item that should be bought most of the time, but rarely is. I don't see any reason to remove it. If anything, I would like to see Phantom Dancer become unavailable while this item is changed to take its place.

+X% attack speed
+X% critical strike chance
+X% movement speed
Your basic attacks grant vision of your target for 5 seconds.

The reason for this is that right now it competes with the same slot PD wants, but PD is so important to AD carries that Lightbringer feels like it comes at a large loss.

Maybe it isn't the best idea but it's something to consider?

I use it when there's a akali/wukong/kah'zix, but thats it.

I buy it on my ADC. It's most useful bot lane, where those 2 annoying brushes are, as well as when you're chasing/kiting an enemy inside the Fog of War center.

It could be better I think, its competing with some other items for slots. It IS good, though.