I've never been fond of Transcendent Blades. Weak damage, even weaker healing in team fights, and its only purpose really is to act as a Sheen proccer, but that's done so much better on a variety of other Champions (i.e. Corki). Other than that, you only use it to push lanes or for lane sustain, something that makes pushing a defensive Irelia an obnoxious endeavor.
I've also read somewhere that Riot feels the ult fails to fit Irelia's fantasy of "Telekinetic Blades", as there's way more interesting things you could do with that ult slot by now. As for what they might do in the future, that's up to speculation.
Anybody else agree that the Irelia rework should give her a better ultimate?