So many people are freaking out over the update, but rarely offer any real helpful criticism.
To haters of the patch:
Yes, they removed FON and Regrowth Pendant, but they also lowered all forms of penetration and made AS more expensive, thus you take less damage.
It's also true that HOG was good for tanks, and it let them get some money faster, but with +3gp10 built into the character, HOG isn't nearly as important, it's not as vital for you to have to last hit creeps, which other classes can do more easily, and, they benefit from it less now, giving you another leg up.
Jungling is harder too - they didn't aim to make it easier, they aimed to make it more balanced between AOE and Single Target champions, but harder overall, which I believe they did. As they said in the video, you can either buy items to farm, which will save plenty of health for you, but make you weaker against champions, or you can buy to gank, which will make your creep damage lower, but allow you to kill, and the reason is because a good jungler could win a game. A single early gank in a lane would give an invaluable advantage and almost immediately decide the game - where's the fun in that?
The changes they made with the items, gold, and jungle didn't aim to necessarily make it easier on new players, it made it so the playfield was more balanced. It was ridiculous that a single good player could absolutely win a game with decent teammates, or a few good players could lose because their teammates weren't up to par, and the enemies were fed. It makes the game more interesting and more smooth.
With the new items and changes to old ones, yes, your builds won't work the same anymore most likely; no one's will. But, they are trying to make the game more interesting and varied, so any one build isn't really the best. You don't have to do the exact same build every game in order to stand a chance, you can actually make conscience decisions that you enjoy rather than mindlessly follow someone else's advice on what to buy.