I believe we all need to give this patch a few weeks before we make rash decisions about how good or bad it is. Allow new builds to develop and new strategies to be made.
Day 0: OMG change (if you love change, you are happy, if you don't, you are nervous)
Day 1: OK, I'm starting to get the hang of this, pretty sweet
Day 2: Character X is hella OP! wow, Riot, what were you thinking? (Well, the answer is, it's hard to do this stuff perfectly all at once)
Day 3: Actually, no, character Y is hella OP!
Day 4: We hotfix nerf character Z, touch character X, and indicate that Y is on the watchlist
Day 5: OMG, character ZZ is OP, but this is pretty fun
[repeat for 1-3 patches, end up with more strategically deep and interesting game]