Don't misunderstand me. I love the direction of the changes and agree with most of what I've seen, and while I feel she's getting a lot of power through utility, there's a lot of discreet strength lost that's not being accounted for in the changes.
The way I see it, her passive got a buff during skirmishes but a nerf during teamfights (RE no longer shaves CD).
W got a buff during trades, a nerf during duels through RW. She gave up 300 + .6 AP for increased CC and moster targeting (which is great).
E got neither a nerf nor a buff. Reduced CD is buff, but you lost great damage potential for, yes, important buffs to shielding, but you will no longer greatly reduce the CD off of R. The efficiency of the shield (dooldown to base value) remains intact. She scales a tad better, but "old" Karma would get off another R faster than this Karma.
I guess it's mostly a problem with E, but when you consider abilities are losing a flat 300 (.6) AP in damage (AOE on E) and have reduced passive procs you check the changes and some feel equivalent, others feel like they fell a little short. There's a lot of cost of opportunity to Karma now that you get real Mantra choices, but they got so specialized that I feel she lost some "reach" as opposed to "versatility" that wasn't completely compensated, is off by a bit. Maybe base E could use a little love? I don't really feel like she's underpowered or anything of the sort, but she does feel a little less specifically there.