New Aegis = Worthless?

Hello my friends. We are gathered here today to mourn the loss of our cherished Aegis of the Legion. Do not cry, for he is in a better place now, standing beside The Heavenly Father and - wait wait wait. Wait. What happened to Aegis?

Price inflation? Check.
Loss of stats? Check.

Can't say I didn't see it coming, folks. With the rise of cost for defensive items, this all-in-one package was bound to be destroyed. The stat nerfs, however, were a low blow.

You used to gain:
270 Health
30 Armor
39 Magic Resist
8 Attack Damage

Friendlies received: 12 Armor, 15 Magic Resist, and 8 Attack Damage

For only 1925 gold.

Now you gain:
250 Health (-20)
30 Armor
35 Magic Resist (-4)
10 Health Regen per 5 (Not bad)

Friendlies receive: 10 Armor, 15 Magic Resist, and 10 HP/5

For a mere 2150 gold, you can own this bad boy. And you know what? It's not so bad. We all knew Aegis was a bit OP for what it was, and with the ambient gold increase, the nerf wasn't even that bad. I'd still build this on supports like Alistar, or junglers like Skarner. It's simply situational now instead of a must buy.

Now, at the cost of a (400 gold) Null Magic Mantle (+20 Magic Resist) + 650 gold, check out the upgrade:

Runic Bulwark:
400 Health (+150)
30 Armor
60 Magic Resist (+25)
10 Health Regen per 5

Allies receive: 10 Armor, 30 Magic Resist, and 10 HP/5

At the cost of 650 gold, you receive 150 Health, 5 extra MR for yourself,  and you double the MR of the aura. That's only 650 gold!

Do all the math before you assume something's been nerfed into oblivion. Try it out yourself - you might like it!