Welp. Time to relearn the game on Season 3. Most of the items look pretty solid depending on values. Deathfire Grasp is quite worrisome in efficiency; 20% damage dealt can often be more than the old passive. I'm not sure Statikk Shiv is going to be much better than Ionic Spark.
A lot more kill/assist related effects, interesting. They won't be competitively that strong though unless pushed. I like the increase in ally-affecting things tho. Also slows; now I no longer have to build Randuin + Phage on every non-Rylai melee champ without a built-in slow.
That'll be a lot to stomach. Suffice to say, the game as we know it will be changing radically. I wouldn't be surprised if this changed champion and even team composition level considerations significantly; e.g. the new Sword of the Divine creates a much cheaper (gold-wise) sort of a "burst AD"-role that didn't really exist previously.