I agree that the old Cloak of Mist + Vanish was definitely overpowered, no doubt.
However, as outlined above, the current 4.4. iteration leaves Vanish as a mostly impractible and clunky niche talent - basically the same as it was before Cloak of Mist got introduced. That is bad design.
At the same time, Cloak of Mist still remains problematic in its current state as it retains its massive cdr, thus allowing for strong frontline options with a short cooldown for invis.
In summary, the current adjustments in 4.4 do not achieve any positive change but only break synergies without adding anything in return, as well as not touching otherwise debatable designs.
Refer to the original post for more detailed arguments.
The current changes to all the different ult talents + the base ult should be reverted, they are bad either way, no matter how you look at them.
In short, no, I do not think that old Cloak of Mist and Vanish should come back in the exact same form.
The changes that I proppsed to Cloak of Mist and Vanish in my original post are aimed at creating a version where the interaction between Vanish and Cloak of Mist remains intact but it would do so in a nerfed state (basically, reducing the potential damage output and the invis uptime).
This version would be more comparable to other careers that are also designed to kill multiple enemies from stealth, such as Rv and Huntsman.
(I am aware that some community members are opposed to invisibility existing in general yet that discussion would exceed the scope of this topic/post).
The point is that the existance of other classes that are able to attack from stealth (and remain stealthed while doing so) showcases that this design is not unique to Shade nor is inherently problematic by default.
Instead, the idea behind Cloak of Mist + Vanish is fine.
Rather, it is the execution that was overtuned and allowed for too much damage and too much safety on a cooldown that was too short.
By limiting these factors in the way described in the post, I think the combo of Cloak of Mist and Vanish would be more in line with other classes/abilities.
Furthermore, it is always possible to tweak the suggested numbers further, e.g. from the suggested 20% cdr to 0% cdr or give Vanish a cooldown that will not allow it to be chained into more Vanish procs etc.
Lastly, Cloak of Pain should not get touched at all (literally no one even argued for a nerf to it).
Nor should the ranged crit on ult get removed since it presents a tradeoff: 1 ranged crit (which is not much for a 60 secs cooldown) compared to the melee damage boost on infiltrate if you melee.