From what i've seen on taric update - i don't like his W. At all. It's just a passive armour bonus, because the "mechanic" that was screwed into that is basically bread and butter of taric, they should make it into a passive (i don't understand why riot think that players are too dumb to handle more than 4 spell buttons) and actually give taric 4th skill. Now he just have 3 buttons to press instead of 4. You level it up once to get "active" part of it and never touch it again, because its just increases your armour.
Also with lack of damaging abilities he becomes one of the shittiests supports in the game - he can't put any pressure (lol at auto-attacks that deal what, 30 damage? Minus mastery-that-reduces-damage-taken-by-2-or-whatever) with his old W that stripped all armour from enemy ADC. I heavily dislike this change.
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His ult is not reactional, it will work great with Oriana or Malp ult, especially when enemy team knows wtf to do and you can't land 5 man ults. Corki who was standing behind all that time to wait for Malph to ult and eat him with giants killer won't get that kill. Ever.
It's good from, basically, initiation and baiting. Not that good at defending (unless you can stall enemy initiation by 1-2 seconds for ult to pop up and them to realize that they overextended already and hear reksai scream nearby)