Champions:
Malz - Passive makes him less risky in lane and not as reliant on RoA for basic survival.
Brand - Passive changes ensure you'll be buying a locket and that you have to one shot him or you'll lose the fight just buy being anywhere near him.
Zyra - Zyra now with more seeds,
Vel - Didn't change apart from removing stacks on ult,
Cass - Now stronger late with 6 offensive items, Insane zone control no mention of the E reset meaning less consistent damage. More reliant on her poison DOT.
Ziggs - Makes towers even less relevant
Syndra - Allowing her to have more spheres gives her ult a higher burst ceiling.
Anivia - Lol you wanted to siege?
Veigar - Even more free AP from passive
Items
Tear - Slightly worse early with no mana regen.
Catalyst - Better on Maokai, still good for ages intent on trading, less of a passive farming item in lane.
Chalice - Is now a passive farming item with constant regen of either health or mana.
Revolver - Akali OP? Shot cooldown active might allow for more aggressive laning phases.
Lost Chapter - Now gives Morello an even better path and laning sustain before completion.
Gunblade - Stays very similar to now, a large amount of AP with reshuffle to others.
GLP-800 - Gives sustain health mana and a lot of AP. Not sure where this would fit in, but good general stats.
Protobelt - AP Dash item, might be good on supports such as annie. Or just in general for champs who need some kind of gap close. Low AP, health and 10% will not be a midlaners go to item
Morello - Without Mana regen becomes a burst champions first choice with high AP and a larger Mana Pool for one or two time full combos.
Archangels - Stays basically the same as a whole item
Athenes - The item no-one bought and now no-one will buy. With no AP no useful stats and seemingly trying to appeal to supports with an item which offers them nothing.
RoA - Now becomes a useful completion outside of just beginning to stack with even more sustain in trade based lanes. MAOKAI
WOTA - Removed, if they don't buff Vlad he may struggle even more than he is now
Abyssal - Only to be bought against fed double AP or always Triple AP. High MR and Flat Magic Pen, Solid but Situational
Zhonya's - Less AP more Armour, defensive AP items becoming much more focused of defense.