Ok I'm sorry about the phantom dancer part, I don't normally play dps so I kind of thought they were a bit more expensive then they are. I still consider them situational to the point of being on the list(but just BARELY) because they aren't great unless you have damage to back them up.
sometimes.. it isnt about breaking even or anything like that. i play rammus (and kogmaw. the only two i play) and frankly, warmog might not be the most efficient item on rammus but the regen + health is what MAKES a tank. and the fact i dont have 3 separate items in my inventory to take up space means i have space for other stuff. typically once i hit my sunfire, i get warmogs. the PARTS are efficient. upgrading TO warmogs .. less so but a hero with just parts in his inv will get outclassed when he cant upgrade anymore. plus items that carry only the stats you need are more important than efficiency. what i think you are missing is if the item will get you where you need to be. be it from giving enough damage on a tank to farm minons to get your next item (sunfire) or give you plenty of hp and regen to tank so you arent feeding (warmogs). sure. its more efficient for me to carry 3 giants belts, and 6 regrowth pendants to get the same stats, but 9 items dont fit in my inventory. 2 do and gives me inventory space to pick up other stuff. efficiency is based on gold for stats. that i get. but what you havent listed is the fact it takes up 1 inventory slot for 1 good base item (eg giants belt or regrowth pendant) and upgrading to the others is simply LESS efficient.
and just to recrunch your numbers for you. i'd say split warmogs cost down into its hp and hpr5 parts. calculate the cost for the hp side. (770hp = 160 (warmog )+ 610 (base items = 1585/2.59gold/hp) and the hpr5 side (30 hp/5 = 15 (warmog) + 15 (regrowth pendant 450 @30g/hpr5))
1100 for 160hp + 15hpr5. assuming your put the cost of hpr5 the same as buying a second regrowth. you pay 650 for 160hp. which is bad. since you pay 4.06 gold/hp. but if you reverse it,
160hp@ 2.59 gold = 414.4. 15hpr5 is then costing you 600ish. or a 30% markup on regen. really when you look at it that way, warmog's is an awesome item even at base cost since you cant get more than 6x15hpr5 to begin with unless you build regrowth pendants into something else. the fact that it SCALES is more important than the efficiency. the way i see it, warmogs as an upgrade (1100 gold) gets split into 414.4 gold for 160hp, 450 gold for 15hpr5, then 236 for up to 450hp AND 62.5hpr5. which btw works out to be worth 1165 gold worth of hp, and another 1875 gold worth of hpr5. so im seeing 3040 worth of stats for 236 gold + a bunch of minion/hero kills. where do i think warmogs breaks even? 236 gold = X*(3.6*2.59+0.5*30). thats 236gold =X*(9.324 + 15)... or about 10 kills. warmogs caps at what? not 36hp and 5hpr from the bonuses? and im pretty sure you can manage 10 kills after you get warmogs.
im not sure what people are smoking when they say warmogs is good but not cost efficient. the way i see it, its ultra efficient. not sure what you are smokin when you say you cant even break even.
EDIT ( forgot to mention. when you DO farm it up. even 60 or so regen makes a tank pretty godly for pushing. especially if its rammus. i can solo tower push, tremors it up, powerball out when i see incoming enemies have plenty of hp to towerdive again)
I pretty much have to disagree with you about Wit's End being so situational. Let's make some comparisons:
Last Whisper - 2k gold, 40AS, 10AD, 40% Penetration
Nashor's Tooth - 2.8k gold, 50AS, 55AP, 25% CDR
Wit's End - 2.2k gold, 40AS, 30MR, (roughly) 30AD
Now, of course it doesn't increase your AD directly for skills and things like that, but it should be between 20-35 extra damage per hit unless they're oom or a ninja. I think any of these 3 could be better depending on the situation, but Wit's End is actually the LEAST situational of the 3, since it just gives you nice stats without stuff you might not need like AP and armor pen. The mana drain is just a nice bonus.
Obviously all AS items are situational, but I'm just saying. You didn't put the Tooth up there and it's probably the most situational of the 3. I don't like AS items being on your list at all, since sometimes you really want AS, and whatever cheap means you can use to get it will be best.
That said, it's a good guide for newer players. I'm sure many new players overrate the items you listed greatly.
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