With the new equipments and changes coming soon I'll have to rework my quick guide at playing him, a brief explanation on how it will affect him and other heroes, just my speculation, I'll explain what to do against specific heroes and equipments when the update drops on the original server
Sky piercer: leomord skill 1 and passive is already ridiculous at finishing enemies so I don't think sky piercer will matter for leomord, on second thoughts though I can only think of tanks and tanky fighters since they are harder to kill, and is probably gonna be usable for sustainability leomord build since it lack penetration to deal damage and sky piercer can finish off enemies faster at a certain amount of health without the need of penetration, I'll test it out when it drops on the original server to see if is worth getting
New queen wings and reworked twilight armor: I think about this thoroughly and it has a lot of potential, because leomord core items are hunter strike, malefic roar, and blade of despair the other two items are a attack item and a defense item, because queen wings is a hybrid of both attack and defense you can now have two defense items which makes him tougher to kill, twilight armor can be used with queen wings because of the ridiculous amount of hp you can get you can get twilight armor to its potential and able to deal with high damage burst better in the late game, the old way of playing leomord jungle (which is sustain build with a bunch of spell vamp) might return due to queen wings, I'll need some testing if is as good as what I think in my imagination
Fleeting time: If I am correct is now adaptive attack which leomord can use it for more ult, it can be useful when you need your ult quickly after using it and a team fight is about to happen
(Enemy heroes)
Reworked blood wings: Well this is annoying, leomord hates shields since it delays his passive and what's worse is the speed after the shield is gone which makes leomord unable to chase and finish off the enemy mage
Reworked holy crystal: This only applies to some mages, like Odette since she can quickly melt down leomord health with her ult
Pandora's box: Same thing as holy crystal
Malefic gun: This is actually the only equipment that makes it worse when fighting leomord because you don't have a wind of nature, and because of the new queen wings leomord can also buy dominance ice without worrying about his hp, because of the new dominance ice you cannot fight him one on one even with ridiculous life steal, once he gets to you, you are done