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So, I've played Viktor extensively, and fought against him several times. At first I thought he was an AP Carry who just had too short of a range. Then I realized that he was better built tanky; the problem is how. Long story short, I've come to a conclusion - next patch Viktor should be changed in one of three ways:
Make his passive not take up an item slot.
Or give him a bonus passive 5gp per 10 seconds.
OR Increase the power of his Q/W/E passive as follows: Q should be a 35% movement speed increase, with 240 bonus health and 8 bonus armor and MR. W should be mostly the same, but with a 35% increased range. E should be largely the same, except the flat AP should be boosted to 50. Also, the passive AP per level should be increased to 4 to bring it to an amount more in line with the "Tier 2.5" it seems to be trying to for item wise.
My build that I was somewhat successful last game with (I went 6-7-20 with a troll/feeding Swain on my team while I solo'd top versus a very good Mundo - oh and also I tanked basically) is a Rod of Ages, Rylai's, Sorc Shoes, Randuin's, FoN, and the W augment with MR per level blues, magic pen reds, 3 MP5 seals/6 flat armor seals, and MP5 quints. IF I actually had that extra item slot, I would have been able to build a WoTA, which would have created the perfect build for Viktor.
Tl;dr - Either make Viktor's passive not take up an item slot, or do slight buffs to each of his augments. Also, Viktor is built best as a mediocre AP but tanky mage.