Gold per 10 items are extremely common purchases in League of Legends. Originally the purview of supports, they've become popular in the jungle, top lane, and now even mid lane. Despite the surge in popularity, I strongly believe these items are vastly overrated.
The first important factor is simple math. On average it takes 12-13 minutes for a gp10 item to generate enough gold to break even (i.e. selling it will result in no loss or gain). Essentially the purchase is an investment that does not begin to pay off for a significant portion of the game. Because most games are determined during the early or mid-game, such a long term investment is questionable.
The second problem is that gp10 items provide fewer stats that the alternatives. With the recent nerfs, a Philosopher's Stone has identical Hp5 to a Regrowth Pendant, and a Heart of Gold gives a mere 20 health more than a simple Ruby Crustal. The majority of a gp10 item's completion cost is spent investing in the gp10 stat.
As a result, buying gp10 items puts you at a disadvantage against your opponents. It's a sacrifice of current efficacy for the possibility of greater power later. However, League of Legends is a game where early advantages can easily snowball into greater and greater advantages. In most situations buying gp10 items tips the balance against you, giving your opponents an edge with which to punish you.
Purchasing gp10 items should, therefore, never be done for its own sake. Only if the stats on the item itself are useful, more so than any alternatives, and the items on its build path desirable should a gp10 item be built.
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