Aeon Disk is an unique means of protection from burst damage in Dota 2.
It is the only source of passive strong dispel outside of Kraken Shell - and renders the carrier invulnerable for 2.5 seconds once their health falls below 70%.
As of 7.30, Aeon Disk grants 250 HP - as opposed to 300 in the last patch. This brings it in line with the stat bonuses it had in 7.07, when the item was first introduced to Dota 2. The big nerf, however, comes in terms of cooldown changes. Instead of a flat 105 second cooldown, it will increase by 20s every time the passive procs, up till 165 seconds.
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Is Aeon Disk a viable purchase anymore in Dota 2?
The Aeon Disk nerf is comparable to the big Black King Bar nerf back in the first DoTA. Prior to patch 6.55, the BKB active effect used to grant 9 seconds of spell immunity on an 85 second cooldown. After a series of nerfs and a usage-based cooldown mechanic, BKB continues to be an invaluable item. Similarly, the utility of Aeon Disk will not result in irrelevance.
However, the item being nerfed does change several drafting dynamics. Virtually having immunity to burst damage made the item a direct counter to burst-heavy cores. The prime examples of this in Dota 2 are Faceless Void and Enigma. Due to the way the item works, even cores can buy this item to discourage surprise initiation on them.
At its worst, the 165 second cooldown is still close to the long-cooldown spells of Dota 2. Both Chronosphere and Black Hole, for example, have 160s cooldown at maximum level.
Nevertheless, the cooldown increment will make it much more situational for core heroes. The item is too expensive to use for mid-game burst immunity in a game that does not absolutely need it.
Against Faceless Void and Enigma, the item still remains a viable purchase. However, it is much more difficult now to kite key abilties of other Dota 2 cores who depend on them, e.g. Shadow Fiend and Terrorblade. A solution for the supports is to have it as a post-midgame purchase, which means the earlier low-cooldown usages will be spent wisely.
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