Damage % increase by target armor when applying 35% armor penetration
Last Whisper becomes more effective at penetrating armor than The Brutalizer when an opponent has more than 28.6 armor. It becomes more effective than Youmuu's Ghostblade at 57.1 armor. It becomes more effective than five stacks of The Black Cleaver's debuff (plus its flat penetration) at 100 armor.
If the increased physical damage from the 35% amour penetration can be thought of as increased AD, the passive must increase damage by 23.89 points (860g/36g per AD = 23.89 AD), in order to be gold efficient.
For this to occur, “Arm*(AD-44.367) > 6825.7”, where Arm is the targets armour. This can be rounded to “Arm*(AD-45) > 7000”, for ease of remembering. A graph of the unrounded equation can be seen to the right.
Functionality changed to a "35% chance on hit to deal 1 Magic Damage for each point of Armor the target has" from a 50% chance to ignore all of the target's armor.
Last Whisper to be gold efficient.
The Brutalizer when an opponent has more than 28.6 armor. It becomes more effective than 
Youmuu's Ghostblade at 57.1 armor. It becomes more effective than five stacks of 
The Black Cleaver's debuff (plus its flat penetration) at 100 armor.
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Long Sword's price being reduced).
Pickaxe in the item shop.
Recurve Bow and 
