Is Luden's Echo a dead item?

{{item:3285}} Just seems really weak whenever I, or see someone else build it. 9/10 {{item:3165}} is better as a first buy. Did Luden's get a nerf awhile back? Or did Morello get buffed? Even looking at some core AP builds they just skip it now and build {{item:3165}} {{item:3020}} {{item:3089}} {{item:3135}}. Something happened I'm unaware of for sure, but the cdr and mana refund just don't seem to be worth losing the early magic-pen.
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