In order to make Warmog's more appealing to late game, while not making it entirely useless early game, I propose the following:

Have Warmog's have a certain percentage of its final stats upon purchase (Which would increase over time like Rod of Ages, rather than per CS to make it more appealing in cases where one cannot get CS).
Also: In order to allow for Warmog's to be built late game without making it utterly useless, allow gold investment into the item in order to increase its stats (other than through time).

OR:
Have Warmog's split into mini-warmogs that would transform over time granting different stat upgrades each transformation (Think muramana)
Also: Because the item has many tiers, you can purchase higher tier warmog's late game, while getting its later stats.

I know this implements a new idea of gold investment into items (Upgrading)

DONT HATE too much. Constructive Criticism!~

The S3 item rework was geared to make defense more important early and mid game, while bypass-able late game.

The new Warmog's design fits this very well. Don't see a reason to change it.

its fine as it is why change it

I don't understand why people keep making threads to change things that are fine the way they are, I suspect most are new to this game, like only been here for 3 months or less.

Every champion benefict from health. So you can get a warmog yourself, to counter the enemy warmog.

Yes, some champ (olaf, mundo, shen) benefict more from hp, but rushing a warmog on an adc like graves, would it be a bad idea? Or you could go BT>warmog...

If WM is a problem, get some grievous wound-causing item or Liandry's.

The old Warmog's accomplishes everything you're trying to accomplish with your suggestion I think. I still don't get why they changed to a flat 1k health from building it up the old way...

The concept and stats are fine, but I'm pretty sure all HP items are getting either more expense or providing less HP this patch (Warmogs costs more and GB gives less HP)

As to everyone who commented that warmog's is completely fine and doesn't need to be changed, and "BT > warmogs", you clearly don't see its power.

If an ezreal builds warmogs straight after bloodthirster (midgame) he becomes COMPLETELY unkillable with a bit of peel.

If an Olaf rushes a warmogs, you can't just rush one (on an ADC) to counteract it, and there is NO WAY that bloodthirster > warmogs.

Because warmogs is being picked up so early, it is HORRIBLY inefficient to pick up a liandry's to counteract it, and Grievious wounds is completely useless (The HP regen isn't the problem here).

Yes, Riot is implementing changes to warmogs (For which I am glad). Let's see how those go.