1. Giant BELT had wrong cost for value ratio. Even casters in mayor events made fun of it ("the team with more GB has an advantage"). This is wrong from balance perspective.
2. Sight stone was op like hell. It was many times more effective than any GP10. And notice GP10's got nerfed. This item should be (IMO) removed and replaced by some aura item with ability like Lantern (one ward). 2-3 free wards is way to much vison in bot lane. Rendering it almost imposible to gank. Vision should come with a cost, or it becomes pointless (and I am a dedicated support player - I love sightstone, but it is op even as it is now).
3. There should never be a consumable that lasts forever. A fed Mundo with oracle will never loose it, as he is almost unkillable. If a fed mundo (or Cho for that matter) is killed it means a team got aced and is loosing anyway, so it matters not. Now we have a bit of balance here. Besides, 5 min is about 1/6 of a standard game, and if we count first oracles to be bought at 10 min mark (even later in most games), we have max of 4 oracles to have full vision all the time. I might agree on point that if it is time limited, it should not be wasted upon death (like elixirs).