Is the state of the game really that bad, or boards just overreacting? (genuine question)

I mean I come on the boards from time to time so I see a lot of "balance sucks right now, champ OP, item is ridiculous etc etc" threads. But it kinda feels like there's a great deal more of that even than usual. I haven't been able to play as much the past couple months and am not really up to date on the last 2 patch notes (which I'll go read now), regardless of which... is the state of the game really as bad as people are saying? worst it's ever been? ridiculous balance design, etc? or are people just overreacting and it's not THAT bad, or what?
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