The "eye-thing" is Clairvoyance right? You can pretty much use it a lot as it has the lowest summoner-spell cd, people use it in the beginning to check for ganks, check the bushes and to see which champs go to which lanes.
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Quote:
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UNIQUE Active: Places an invisible ward with 1100 range sight and lasts for 3 minutes. 3 minute cooldown.
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The new item sounds like it acts like a static ward, like vision and sight ward, not clairvoyance which you can use to see anywhere.