The current focus of feedback from players & updates from designers are both missing the point: is it *fun*?
Shyvana's rework happened, for better or worse, and Riot still has design leads allocated to the project.
If you are familiar with Riot's work practices, this should be sounding red alarms.
For the moment, Design has control of Shyvana, not exactly Live Balance. This means they have free reign to design a champion and gameplay they believe will be as fun as possible for the player, and sometimes if they remember, the enemy.
None of Shyvana's changes have exactly been moving towards a 'fun and thematic' goalpost. The exact moment Live Balance takes complete control, that goalpost largely goes away.
We don't need to look any further than Smolder. Smolder's theme is infinitely stacking abilities, because he as a champion is learning and growing into an all-powerful dragon. This theme-as-gameplay was very important to his designers. After over a year of Live Balance, the actual number of stacks doesn't mean overly much beyond thresholds on his Q--most of the stack scaling was lessened, moved into his bases, or now stacks off of item stats. It balanced him, but really weakens the theming.
Live Balance is mostly concerned with keeping gameplay intact while making a champion balanced. They can make Shyvana balanced, but it's really up to the designers here and now to make her fun.