Writing this is going to hurt me as much as it will hurt most of you to hear: Fizz is good again.
A consistent issue that Riot has had with balancing champions in League of Legends has been their lack of attention to the entire environment around a lane before making changes. It's true that Fizz was underperforming before the changes in 7.5, but he wasn't underperforming because he was weak. On the contrary, the overall consensus amongst high elo assassin players was the Fizz was quite strong, though the nerfs to Chum the Waters earlier this year ensured that he was no longer completely broken. Those same assassin players, however, also weren't playing Fizz in high numbers. Why? Talon. Unlike Fizz, it's pretty common knowledge at this point that Talon -is- broken, and many patches have now passed by without the issue being addressed.
Previously, Fizz suffered from three main problems. First, he struggled due to the splash damage Talon's overpowered nature caused in the metagame. It's true that Fizz is a bit better against something like Kayle than Talon is, but it's not by much, and Kayle still completely shuts the Tidal Trickster out of teamfights. The second reason was that Fizz's head-to-head matchup against Talon was completely abysmal. One of Fizz's weaknesses has always been that he's weak against the other assassins that populate his lane, a trade-off he makes in order to get the awe-inspiring mobility that makes him so annoying for ranged champions to deal with. Thirdly, there's simply not room for too many assassin picks in one player's champion pool, and if Talon and Zed are just outright better than Fizz, there's little impetus to take Fizz onto the rift.
Unfortunately for the majority of the game's fanbase, all of whom despise the obnoxiously slippery tidal trickster, many of those factors are no longer true. While Fizz still struggles against champions like Kayle and Vladimir after his buffs, both of which are becoming increasingly important parts of the solo queue metagame, he now stands on even footing with Talon thanks to his buffs to Seastone Trident that made his trading ability far more reliable. Furthermore, Fizz now has access to new toys that didn't exist the last time the Tidal Trickster was a popular pick. If you thought Fizz was obnoxious before, just wait until you face down a Fizz with a Protobelt -- there's simply no escape.
The next time you think about blind picking that Lux of Twisted Fate, take a moment to think about the fate of your team. If you don't, a certain amphibian might ruin all five of your day's.