Some feedback after trying her out:
1) Her early/mid game got nerfed.
- Bb pushes the lane when she tries to lasthit. (Unless the ennemy champion doesn't zone you at all and allows you to melee lasthit). Hence: jungle pressure
- BB is now almost impossible to hit against a skilled opponent. Because they know exactly how the bounces will go. Also mind that the only moment Kat players used to have where harass was almost guaranteed was when the minions enter the lane. Because they all run in a fixed (short) distance from each other now, harassing at this moment has become impossible (unless your opponent hugs his minions). The champions that used to counter kat (and really, there were a lot) just do so harder.
- BB harass went down even if you do manage to hit it. Partially cause of the base dmg nerf, partially because at max rank you hit less targets and partially because you can't activate the full damage on all hits portion anymore. The healing reduction being lost is also an issue, as it used to be really powerful when the ennemy used a health pot. The last thing (loss of healing reduction) is something I don't think is really fixable/revertable for the new Kat, but I feel it does make a big difference.
- I feel Kat's matchups are now less skill based, and more predetermined. This is because BB's almost impossible to hit via bounces, but it got a range buff, and hitting it directly is realistic against some champions. Again, I feel champs that used to counter her just do so harder now, and champs that didn't do so less now.
- Her total burst is lower than it used to be, assuming she gets a full ult off. Key in this are the total ult damage nerf, and the removal of the passive damage on Killer Instincts. Getting her ult off fully, whilst not realistic in decent teamfights, was almost the definition of good timing in the early / mid game.
- The huge early rank cooldown on Shunpo means you're permanently playing defensive. Get ganked when it's not up? dead! You can't juke them out till the cooldown refreshes anymore, or do several ward hops in big jukes. And if your E gets forced, you're forced to play passive for way too long. This in my mind is mainly is what makes the reworked kat not feel like kat anymore.
2) The dependance on her ultimate went down.
- I think this was the main intention of the rework. It worked and I love it. Your damage without the ult went up, and I feel more useful when not ulting. I also feel that I can save my ultimate for a more crucial moment more. I used to feel obliged to use it when an opponent got caught out of position once, just to assure he didn't escape. Now my regular skills' damage is enough for this purpose, and I can save the ult for the play that my team is going to make after killing the overextender.
3) Her farming potential went up.
- Not early game, since Kat's new early game is more exploitable than her old one. But if her opponents choose not to crush her early (jungler focus + lane freezing + zoning) and she can get some ranks into Q and W... She can clear minion waves SO fast o.O!
4) AD is trash on her, hybrid/gunblade not viable
- Her harass has no AD ratio, only her W and ult do. Now having done the calculations, when it comes to gold-efficiŽncy, raw AP is about 2ce as gold-efficiŽnt as raw AD. (Which is, I'm guessing, why most hybrid abilities in the game have an AD ratio that's 2ce their AP ratio.) Now old Kat had an incentive to buy AD: it was more gold efficiŽnt on her harass abilities than AP. (AP was better for her burst damage though). New kat's ratios are either AP or 2*AD + 1*AP. This means that there is no aspect of her gameplay anymore of which AD is more gold-efficiŽnt than AP. The fact that her AD ratios only apply to burst spells and not to harass (you can't harass at melee range in mid lane with a squishy abusable champion with no real escape) and her total burst is WAY better off with AP than with AD doesn't help this.
- As for gunblade: the slow component also got worse due to the reduced ult time. So basically I see no reason to upgrade that hextech revolver into a gunblade anymore. The AD is COMPLETELY wasted (ALL of your spells that would scale with it scale equally hard gold-value wise with AP), and the slow is only 2/3rds as useful as it used to be.
5) Ulting from inside a brush, a fun play that many Kat players have used to turn games around has been nerfed hugely. Not only does your ult deal less damage overall, but ennemies now also get a visual indicator of it being cast on them, being the grievous wound.
Overall, I'd like to stress that I'm really happy/excited with the direction the rework is taking, but the shunpo cooldown ruins a lot of the fun, and the early game nerf on what was already a champion by many claimed to have the worst early game in the game is... troubling.
Also, I think more people will play her and will believe/realize she's viable, because her artwork improved, and against people with 0 sense of positioning she will always stomp her lane.