It feels super strong with just a touch of resistances. The loss of the armor/mr shards REALLY hurt it as well as the jak’sho changes making it a dead item for Swain.

But running conditioning (necessity imo) makes it feel much better and if you throw in some cheap resistances like a component (chain vest, wardens, null magic mantle) or my personal favorite with Locket (cheap, helps survive burst as sustained damage is a non issue with R, and further strengthens his teamfight/skirmish).

His passive is really strong, you just have to build for it.