When I saw the original nerfs, I thought I wouldn't be buying it anymore. You can buy around 20 wards for its price after all. But considering that it gives you ~giants belt HP and 3 replenishing wards in one item slot at a reasonable cost, it is hard to pass up. Really, I could see it on the support/invader junglers as well.
Unless i'm playing Thresh or Leona i don't get it. I go Philo and Kages, then usually get an Aegis (Unless i'm playing Morg, then i get armgaurd in the notsovain hope that i get enough money over time to get a zhonya) and then i wing it.
I spend most of my money on pinks, so 2 extra greens aren't usually worth it because i'll still get like 3 pinks per back.
Best GP 10 ever and gives you health. It's basically heart of gold. The limit doesn't really matter either because if you put pinks over Baron and Drag, you have three free wards to put anywhere and your team should be warding anyway so it's never really a problem.