This build is good because it complements Twisted Fate and his abilities Stacked Deck and Pick a Card. The items increase your attack speed, ability power, and provides on-hit damage and debuffs which is all good.

Pros:
Lots of steady damage
Quickly escalates with beginning items
Great Utility
No mana problems
Can beat a lot of champions head to head

Cons:
Characters like Jax and Teemo will murder your face if they aren't stunned first
You can get CC'd and killed
Your cape looks silly