Better throw out your ideas about traditional item build paths / runes / masteries.
www.reignofgaming.net - is previewing some of the items on the PBE (Beta Test Shard). This is just a laundry list of items and stuff, and it will likely be no where near the final entry.
Also keep in mind that some items will be locked for Summoner's Rift and only available on Dominion or Custom games (ARAMs).
One of the main goals of the changes is to add some more viablity to Assassin champs (think Pantheon, Talon), so that they do not fall off a cliff late game and to also give "Bruisers" (Irelia, Darius, Olaf) more paths without having to spec into an off tank, but rather be better able to build more damage, and "dive" into the enemy with less consequences.
They've lowered the prices on some AD brusier items, added some AP items. They've also upped the prices somewhat on Tank/Defensive items.
The Jungle changes will allow for characters who were previously gold starved when Jungling, so be more viable in an offensive role.
Indirectly this will affect Ranged AD carries - which are currently the kings of LOL in the late game stages of a match. I think they want to get away from this "metagame".
I'm quite interested in some of the items they've provided them. Rurran's Hurricane (hits 2 enemies within a 300 range of your target for 50% of your AD + full On hit effects) - this item will be godly on Kogmaw, because his W will shred for 6% health and Madred's Bloodrazors, which adds an additional 4% health shred. It however, will not use crits, so building crit chance won't be that great for this set up.
Combine this with the fact you can add other on-hits, such as the Frozen Mallet or Phage, and you've got Kog shredding an area for 10% health per shot + AD from other items + the utility slow. Pretty beastly, at least in theory.
Overall though, it looks quite interesting. There is going to be a lot of theory crafting going on in the next little while. I am going to try my best and stay ahead of the curve.