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The new Lich Bane proc actually deals more damage than the original if built early. In the past, it's based on 100% of AP, whereas it's now based on 50 + 75% AP. The two break even at 200 AP, meaning it would actually deal more damage if you have less than that. Considering this, buying this first on champions like Twisted Fate might actually be a better idea than it was before the change.
The bonus damage is now scaling off Magic damage rather than Physical damage, which is imo a HUGE buff. An AP Carry would naturally have Magic Penetration stats, but very little (if any) armor penetration stats. Also, most champions do not have scaling MR, whereas the armor at lv18 averages at 70-80. The only down side is the lack of MR :/