I've been using Abyssal Mask lately instead of the guise, and I think it is probably better overall (although a bit more expensive). Granted, getting the boots, guise, and scepter will let you deal true damage to just about everyone :)
Basically not effective enough on most heros for the item slot it takes up and the trouble it takes to get it.
Magic penetration caps when your target has 0 magic resistance but ability power keeps going. Get a Needlessly Large Rod to a Rabadon's Deathcap.
The only way to put your opponent into negative magic resistance with items is to have an Abyssal Mask and a Malady and attack them until you have dropped their resistance by 40 on a 30 resistance hero, and that only gives you 10% more damage, getting a Rabadon's Deathcap will increase your ap by 30% while giving you 201.5 ap by itself which will nearly double your spell damage early game on most casters.
But, if you relied only on magic damage items like blood razor or non scaling abilities like mundo's cleave, I could see the point.
Magic penetration caps when your target has 0 magic resistance but ability power keeps going. Get a Needlessly Large Rod to a Rabadon's Deathcap.
The only way to put your opponent into negative magic resistance with items is to have an Abyssal Mask and a Malady and attack them until you have dropped their resistance by 40 on a 30 resistance hero, and that only gives you 10% more damage, getting a Rabadon's Deathcap will increase your ap by 30% while giving you 201.5 ap by itself which will nearly double your spell damage early game on most casters.
But, if you relied only on magic damage items like blood razor or non scaling abilities like mundo's cleave, I could see the point.
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with masteries, runes, and items, i had:
20 magic resist reduction aura
49 flat magic penetration
15% magic penetration
and the only one who built any mr was the tank. needless to say i was doing 350 damage with a barrel when it said it was doing 370 in the tooltip.