It's pretty much dependent on the situation now. If your team is dominating their lanes and you afford to spend all that time farming, then it's a pretty good item. However, if you find yourself needing to gank lanes often, then I would suggest Spectral Wraith. I, more often than not, find myself building Spectral Wraith instead of Feral Flare. I think it allows you to have more global presence early, and Kayle excels at providing good consistent ganks. The Spirit Stone build path (ex. Spectral Wraith, Ancient Golem, and Elder Lizard) allows you to make a decent amount of bonus gold (ex. Conservation Stacks) while still ganking as much as you like.
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