This build is intended for people who like olaf and want to do alot of damage in a short amount and be able to survive relatively easy, this in the fact is true as long as you don't get blinded and can hit something to lifesteal off of it. Which sometimes poses a problem but thats why you have quick movement speed and summoner spells such as exaust and flash for quick getaways.

Pros: You will have high attack speed and lifesteal and 100% critical chance which allows you to crit every hit for around 500 and if you get below half its quite easy to lifesteal back to full. High movement speed also helps you make quick getaways and find a minon and hit it a couple times and get back to full hp and resume the fight.
Cons: You don't have very much hp,armor,magic resist and you are quite vulnerable to stuns supression, blind etc.