Rengar's ulti doesn't reveal nearby champions that are within the range of the circle of revealing.
As for feedback as a former rengar player, I must say that it's a step in the right direction. His early game isn't that great anymore, but I would admit it was a bit too strong, espicially his level 2. But as of now, I think it fixed his scaling and made him easier to teamfight as without losing his fun picking off a single guy part that is fun. I would maybe lower the CD on E when skilling it up by 0.5 per level or something to make it more usefull in longer fights/chases.