I'm just reading in the patch notes, but I'm super confused how nobody is talking about this item. Which means I've missed something, surely.

They increased the cost by 200, and removed 5% AS (effectively removing 150g of value from the item). That's all that has "nerfed" this.

Then they added THIRTY on-hit magic damage (which, correct me if I'm wrong, also applies to the bolts), and increased the bolt AD ratio from 40% to 50%. The bolts' on-hit damage is fully effective, so you're just dealing a flat 90 damage each auto attack in a teamfight. For free (well, for 200 extra gold). This is also magic damage, which means anyone itemizing against you has to take that into consideration as well.

On-Hit obviously doesn't apply to ALL ADCs, especially those that focus on casting more than autoing, but for the vast majority, this is basically 30-90 damage increase, on top of a small increase to the bolt's damage (at 300 AD, that's 30 damage for each bolt). Which effectively makes it 30 AD, meaning the item gained 1050g in value, plus however the bolt ratio shakes out (gains value as the game progresses).

There was a discussion here a week or two ago about minor changes to champions, like the 2AD that Ezreal got, for instance. People were fighting tooth and nail that these changes have DRASTIC effects on the champion. How are you not looking at an item like this and seeing just how much more effect it'll have on the game?

I'm reading all the other items and some of them feel stronger and some a bit weaker (mostly the myth-> Leg and Leg->myth changes, which makes sense), but this one caused my jaw to drop.

What am I missing?