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The current Haunting Guise is mildly bad for some champions because of the fairy trinket component. However, without the MP5, you can expect a couple heroes who wouldn't have wasted money before to pick it up postpatch.
On the flip side, it was attractive before because fairy trinket + rejuv bead is a nice starting combo if you're defensive >.>
'This would be my cue to say something snarky, wouldn't it? I'll have to remember that. For the next time you make an idiot of yourself...'
Assuming you hit with a single spell for 1000 damage, you still only heal 50 health. That is assuming it HITS for 1k, so you have to go through resists first. A magic damage life steal item seems really nice, but the amount of health restored, is marginal at best.