They're either retardedly OP, or retardedly useless. The only ones that are useful replace the removed items.
Lets take the standard AP Carry build
Diana, Katarina, TF, etc
There are still no items as universally effective as
Rod of Ages
Anything from hextech revolver.
Athene's Unholy Grail
These are the most effective items regardless.
Sure items such as Liandry's Torment are great in high harass lanes, but is it worth rushing as a first/second item before laning phase ends? That 5-10% burn is not as effective when you consider the tradeoff --> Oom because you skipped athenes, get eviscerated because you skipped RoA/Raylai's, or just not do enough damage because you skipped rabadons.
The really expensive ones such as Ravenous Hydra are extremely situational. Lets compare it to the Bloodthirster, and all champions who build BT.
You get 75 AD
Random health regen
I can't think of a single champion that would benefit more from RH than from BT/triforce, unless its like Gangplank or something. All other bruisers who build Triforce or BT should stick to triforce or BT. Take for example Riven or Pantheon; both have very high AOE AD scaling abilities that would benefit more from extra AD then the AOE effect. What about having BOTH RH and BT/triforce? You would just get lit up in teamfights...
Now take Ohmwrecker and Twin Shadow's for example. These two items are way to situational. Ohmwrecker can probably only be used on heavy tower diver tank champions that use mana, namely 2. Maokai and Amumu. Other junglers, XZ Lee Sin can't seriously say that they'd spend 2.8k for a tower diving item. Even if this is a lategame item, most tanks are tanky enough tank turret shots as it is.
Twin Shadow is only for AP champions who have trouble chasing fast champions after finishing a combo (and in special cases, finding Twitch Evelynn or Rengar) -- like Katarina/TF. But then why would you take that item over Raylai's or just having MORE pure damage?
Zephyr is another **** item that nobody's going to use.
In what world would you pay 2.8k gold for 20 AD 50% AS CDR and MS and tenacity? There are VERY few champions who are non adc and benefit from all these effects. XZ and Shaco (not even shaco sometimes, because he has enough AS from his general build as it is).
Banner of command -- OMG 15% MINION DAMAGE NERF PLZ
Mikael's Cruicible -- Orianna support?
And then you have broken items like
Sword of the Divine, Ruaan's Hurricane, Iceborn Gauntlet, and Mercurail Scimitar.
Late game 3 seconds of crits translates into ~ 4000 damage to an ad carry. Basically this item says press # to win. Armor?
Ruaan's Hurricane is even more broken. It's like Twitch's OP ult that everyone can have.
Then you have Mercurial Scimitar -- Oh you think CC is gonna save you? Think again. you can't CC me and I can land 5 consecutive 1k crits on you.
Iceborn Gautlet -- Ok lets make Cho'gath EVEN stronger without taking away his unkillableness because of the 40 AP. Now you can't escape.
Now you're going to have a standard AD carry build that everyone does anyways. And its going to be
Boots, IE, BT, Sword of Divine, Ruaan's, Mercurail.
This is going to 10x more powerful in teamfights than
Boots, IE, BT, Phantom Dancer, LW, GA.
In face there' no reason to get Phantom Dancer anymore. And who needs armor pen when your 100% crits shred the enemy tank?
Yeah sure the new items are fun to use, but item builds are going to end up being polarized again. There's going to be a unified, most effective offense build off mobafire that every champion will most likely build with little deviation.