Don't get me wrong, I'm not saying this item was amazing in season 3 either. Mikael's was probably primarily because of the infamous gold famine every true support experienced, and that's why it generally wasn't bought (maybe unless ahead and they had a Fiddles/Rammus). Now, in Season 4, the meta will force more non-support warding and give further gold income to supports, thus opening the possibility of buying this item.
Now, Would you still buy Crucible? It's still early to judge and up to discrepancy, but I'm thinking it's going to remain a lacking item. Let's evaluate:
Unique cleansing effect,
Good for mana hungry supports (Lulu, Sona, etc.),
Lacking build path (no kage's, philosopher's, executioner),
No gp10 effect (somewhat minor),
Long active cooldown (180 seconds),
No cooldown reduction
I liked that philosopher's built into Mikael's, now it only is built from Chalice. I can only assume this is because Riot would like for the core 3 gp10 items to build into 3 final ones, but I fail to see why this is a necessity. Can you really imagine anyone other than a support buying this item over Athene's? Heck, I'd buy that over Mikael's any day because it provides me the mana AND cdr that my lulu wants, with some AP to cap it off. Yeah, it still cleanses, but I'd rather my ADC run cleanse if there were a Nasus/Fiddles on the opposing team (generally I can peel a Rammus easier so I'm not as afraid of him) than buy this income sinkhole to suffice.
Nor does it compare to Talisman (new Shurelya's). Instead, it grants a greater flat mp5, a generous 20% cdr, standard gp10, the hp5 from ancient coin, and a solid engaging active only at the cost of some extra gold. What does Mikael's have? A long cooldown cleanse and a tiny bit more mp5 from its passive.
Now I propose a change to this, to fix Mikael's spot in the Season 4 support meta. Retain the Season 3 build path (Philosopher's + Chalice < Mikael's), but grant it 10% cdr, a gp10 effect (may or may not be the same as talisman), plus the hp5 and further flat mp5. This, in my opinion, would adjust the item to fit Season 4's demands.