Heres some quick and dirty math i did about the new coefficient on the live servers.
Base damage 628-717 = 672.5 average
Damage 1673-1762 = 1717.5 average
I have concussion and t6 4set bonus so the number unmodified should be
672.5 / 1.05^2 ~ 610 average base damage
1717.5 / 1.05^2 ~ 1558 average damage
so that means from 1111+85 (im assuming the relic is added just like spelldamage) damage from gear i get an effective damage of 1558-610= 948
so the new coefficient for LB is 948/1196=0.7926
compared to 3/3.5 = 0.8571
compared to 2.5/3.5 = 0.7142
And here's a nice picture to illustrate how much damage you will be losing, in percentage, with the new coefficient!
ImageShack - Hosting :: newdpshr4.png
Seems Eyonix wasn't bullshitting us and it really does even out around 1100, and the damage loss compared to 2.2 isnt that big. You'll lose less than 1% damage compared to 2.2 even if you have insanely good gear and every proc/buff in the universe.
Now this is assuming that LO does indeed have a 20% procrate, but i'm hearing from here and there that it isn't (gonna test it later)
I guess if you want more info on LB/CL cycles then bink will have to do some additional math! xD