Season 3: Hextech Gunblade

Not all Season 3 items are brand new. Some are mere old favorites that have seen significant changes. Among them is Hextech Gunblade.

Hextech Gunblade: (3400g)
45 Attack Damage
65 Ability Power
10% Life Steal
20% Spell Vamp
Passive: UNIQUE - Reload: Your basic attacks and single target spells against champions reduce the cooldown of this item by 3 seconds.
Active: UNIQUE - Deals 150 + 40% of your Ability Power as magic damage and slows the target champion's Movement Speed by 40% for 2 seconds. 60 second cooldown.

While roughly the same, Gunblade has seen a little reshuffling in stats and costs. It lost 5% Life Steal but costs 200g less, and a little Ability Power was swapped for Attack Damage. While the shifting stats aren't particularly notable, the fact that the Spell Vamp is no longer unique heralds the return of Gunblade stacking (as much of a troll build as that may be).

The exciting changes aren't the stats but the new passive and revamped active. The base damage on the active was halved, but now has a 0.4 Ability Power ratio (breaking even at 375 Ability Power). The effect and duration of the slow were also reduced. All of those nerfs are to compensate for the new passive, Reload. There's no internal cooldown on Reload, and it has the potential to allow for multiple uses in a single teamfight, or repeated uses in lane.

Akali is one of the classic Gunblade champions, and Reload is obviously particularly effective on her. Mark of the Assassin procs Reload twice, once for the cast and once for consuming the Mark, meaning that Akali can easily remove half the cooldown in a single chase. Combined with the Artifacer mastery, Akali can easily reset the cooldown on Gunblade after a single kill.

Simply attacking fast can also do the trick. A champion with 2.0 Attack Speed and nothing else will reset Gunblade within 7-8 seconds. Jax' combination of fast attacks and single target abilities makes him similarly well attuned to this item.

Even if you won't be stacking Ability Power, the ability to potentially reuse the active multiple times in a fight is strong. Because Gunblade is still largely a hybrid item most champions may not find it very interesting or useful, but for those that do the changes are potent and compelling.