Urgot will be fine as of Season 3. I think he's a lot better than most people expect - harasses well, is tanky while still building mostly damage, and that ult opens up a lot of really brutal plays. There's very few ults where you can look at someone at full health running away from you and say "go directly to dead, do not pass Go, do not collect $200." Especially if your team's behind you.
I mean, seriously, look at it. According to the wiki, nothing blocks the position reversal component. And at 850 range at max rank, it's pretty darn easy to get off, especially since it's targetted instead of skillshot; if Urgot wants you out of position, Urgot GETS you out of position. Not just that, but the 40% slow for three seconds practically ensures that you stay out of position, especially since Urgot himself is likely blocking your most likely avenue of escape. Finally... +120 armor AND magic resist, for five seconds? On a guy whose passive reduces people's damage substantially, and who has a seven-second shield? Whooooooof.
It's versatile too. You can pull someone way inside your turret and then hammer them all the way out (while they're 40% slowed under a turret already, remember). You can switch with a prospective ganker to completely ruin any chances of picking up a kill. And it's a great initiation tool in teamfights because the massive slow on one side and the massive durability boost on the other pretty much ensures that the exchange is favorable.
That's a massive amount of utility that isn't going to depend on gold balance. He's not an ADC, and doesn't scale as well as one into end-game, but his E and Q both have great ranges and can wear people down, and the armor burn on E and the damage debuff on Q/AA help the whole team.
I don't understand why people think Urgot is unviable, at a time when tanky DPS are considered king. He's got spammable damage, he's durable, and he brings a lot of utility to the team. I realize he's got his flaws (fairly slow, no mobility aside from ult, damage doesn't scale well past lvl 9 unless he's snowballing hard, tankiness comes from situational sources so he can be burst down sometimes, etc). But I do think he's reasonable.
(edit) The reason I say Season 3 is not specifically because of the new items, but because of the pricing changes. Urgot likes AD and doesn't care about AS, so making AD 10% cheaper and AS 20% more expensive hurts most AD characters overall but actually helps him. And more Brutalizer options don't hurt either, as that's an absolutely fantastic item on him.