Good concept. I applaud providing a patch in response to reviews.
Since there are still some items that are just broken I cant give it 4 stars yet. But its getting really close. I suspect the next patch will push it over the edge for me.
Issues still remaining:
1. Manamune attack damage isnt calculated properly (the bonus due to 2% of mana seems to not be applied at all).
2. Triforce bonus movement speed isnt percent based like it should be (its +7% not +7). I assume this is the same for zeal, phantom dancer, Lichbane, and force of nature but I havent tried yet).
Feature requests in order of most desired by me (and so not necessarily everyone):
1. A save feature. It would be nice to be able to look at past builds.
2. Masteries and runes. It would be nice to see the affects of masteries and runes on stats and how they interact with items.
3. Battle summaries and spell affects similar to leaguecraft.
Quikeel about LoL Item Calculator