Since the big remake in Season 3 on Black Cleaver, and subsequent change to Last Whisper, most of the answers on this page are no longer accurate.
Black Cleaver: The Nami patch changed several things, among these were the way penetration works as well as the stats on the Black Cleaver itself. Now, the Black Cleaver provides health, attack damage, cooldown reduction, and its distinctive armor penetration. These changes make the Black Cleaver a far more appealing option to AD bruisers (such as Darius, Garen, etc.). The removal of its attack speed stat makes it less attractive to AD carries, although a little bit of health never hurts.
Last Whisper: Last Whisper, on the hand, has remained a key item in an AD carry's arsenal. Interestingly enough, Last Whisper's passive is no longer armor penetration, per say, but causes all physical damage to ignore 35% of the target's armor (applied before any penetration). While this doesn't seem all that different from normal armor penetration, the key is in the parenthesis: applied before any penetration. This means that Last Whisper's passive has a key difference in the way that it affects armor than normal armor penetration.
You see, percent armor penetration stacks multiplicatively. For example, assume that you have two items, one that has 15% armor penetration and one that has 25% armor penetration. Your total armor penetration is calculated like so:
- First, change the armor penetration into reduced armor percentage (15% armor penetration = 85% armor reduction and 25% armor penetration = 75% reduced armor)
- Multiply all your sources of percent armor penetration (85% * 75% = ~64% reduced armor)
- Change the armor reduction back and you have 36% armor penetration.
- This new penetration stat is now applied to your target's armor.
Now, Last Whisper is applied before any armor penetration, so it doesn't follow the above process. Let's see how this affects your enemies.
Set 1: 20 armor penetration and 25% armor penetration (Youmuu's Ghostblade + Black Cleaver, a common armor pen build for bruisers)
Set 2: 10% armor penetration and Last Whisper (10% armor pen from marks, which are more common on AD carries than bruisers)
Target 1 has 100 armor (assumed armor for non-tanks). Set 1 would reduce it to 75 armor and then subtract the flat penetration for 55 armor. Set 2 would apply Last Whisper first to reduce the target to 65 armor, followed by the percent armor penetration to bring it to ~59 armor. Hmm... it seems Set 1 wins this round.
Target 2 has 250 armor (assumed armor for tanks). Set 1 would reduce that to ~188 armor and subtract from flat armor penetration for ~160 armor. Set 2, on the hand, applies Last Whisper first to bring it to ~162 armor, followed by the percent armor penetration to ~146 armor. Clearly, Set 2 is far more useful for killing tanks.
And this is why Last Whisper should be chosen on AD carries rather than Black Cleaver. The job of the AD carry is to kill everything. Fast. As in, they should have been dead two weeks ago. Squishies are easily nuked by the others on your team, AP carry and bruiser, but only you have the damage and consistency to kill the tank.
You generally dont build a last whisper after the black cleaver because flat Armor Pen makes the % armor pen less effective.
Say they have 100 armor. Black cleaver removes 45 armor, then your masteries remove another 6, then your 10% armor pen from masteries plays in, leaving the person with 45 armor. 40% of 45 armor is only a 10% damage increase, if that. And thats coming into play if the person actually bought enough armor to put them at 100.
Generally another AD item will give you more speed or sustain while providing more than a 10% damage increase.
Best Answer
Most notable ADCs that synergise well, especially after the rework, are Lucian, Miss Fortune, Ashe (post-rework on Q) and Kalista.
The reason why ADCs ever buy Black Cleaver over LW is either because they are able to stack it consistently, or they have a great use for the Phage passive. In this retrospect, those 4 ADCs mentioned above would have more use for Black Cleaver than LW or other armor penetration items.