From my experience, boots pots start is a bit rough - you can get through but might not be high enough health to gank. With cloth 5 though, it's pretty easy to stay at high health. Her W's healing isn't significant enough early to sustain her by itself.
I imagine a tanky build will be optimal for her - either with tanky AP, or possibly tanky AD ala AD Nidalee. My reasoning is that in order to finish kills, you need to go into spider form, which requires getting into the fray, thus exposing yourself to counterattack. Her auto attacks and spiders along with her spider form W contribute most of her optimal damage in my opinion so building enough defenses to duel people is very strong on her.
I have yet tried building her hybrid but I imagine it could be very, very effective with items that give ap,ad, and attack speed in the right hands/circumstances.
I believe they are increasing the range on her stun too so it will be easier to use during ganks than it is now.
Overall, I think she is fun to play in the jungle, but feels strange in the current meta. Mid-Late game she takes down buffs and towers IMMENSELY fast and it only gets faster as the game goes on. I think she won't be too much after release until the new Season 3 item revamp comes out which could open new build options for the currently lacking AP bruiser itemization. But that is not to say she can't be effective in game currently.
TL;DR: I think she is best built tanky and can possibly be effectively built with AP, AD, or hybrid. Her Spider Form W + auto attack damage adds up rapidly and is most of her damage over the course of a long fight.
Hey TC. So I tested Jungle Elise too. And uh. Yeah I wouldn't really do it. The start is pretty harsh for her, and the way that the jungle works now isn't really that good for her because she really needs gold I find. She's almost exactly like Diana in this sense. Elise's ganks are pretty sick though. 1.5 second stun with the gap closer is actually pretty good. Starting W is the only option dude. Spawns a spider. It does AoE and her steroid.
Ganks? Good. Clear? Probably fine, I didn't time it, but you can live and stuff. It isn't that great though. Phreak will probably say otherwise. Items? I wouldn't build her in the jungle any differently than I would in mid or top, which is problematic as it is now, as gold is not thre. The new jungle should change this, but we will have to see.
As it stands, I just don't see why you would do it. --- http://i.imgur.com/qd9BZ.gif http://i.imgur.com/VmTBH.jpg