gyaku-zuki

i would go bottle asap depending on the mode even before the circles.
cause even if you have to stay defensive, cause of a heavy nuker opponent, beeing able to nuke and farm with your spells is pretty essential imho.

lothar's or bot: i would decide from game to game: lothar's as a more defensive choice (if the game doesn't go too well and bot if your team is good, it's going well and it's all about chasing the people down with your team.

bkb will most likely stay all time favourite.

what i ask myself: why not considering skadi? i mean damage is not the problem for nevermore, mana cause of the nukes is always a concern, and more hp (survivability) is also a concern with nevermore. skadi can provide this even if you have only part of it. additionally you have the slow. of course you might want to leave out the lothar's in this case or get it later

devie_

When playing public with SF in new ver (havent tried playing it in cws yet) I get a chicken, 2 tangos, one clarity and fill the rest with GG branches, get a bottle asap and start runewhoring. I get boots and 2 bands after that, or bracers if facing mass nuke opponents or soloing vs. Zeus or something.

Then I go for Lothars ASAP. Before you get it SF is very, very fragile. I start with two alacrity blades, then build it up.

After Lothars try to do mass gangs, but if that fails, nevermind. Just farm your BoT. I never get treads on SF since that's very fucking stupid on a hero like him. Without BoT you'd farm much, much slower. SF can jump from lane to lane and clear waves with razes like np (guaranteed every creep every wave.

With jumping from lane to lane you force the enemies to defend their towers, and if they ignore you, well, their bad. They will lose all their towers and a lot of map control.

The best thing about Lothars tho is using it to sneak up on opponents and land an almost perfect Requiem and finish them off with razes/normal attacks(your dmg is pretty sick at this point).

Ok, after BoT head for BKB, always. (Ok, except if you are maybe up against Magnus, Enigma, Axe, Bane, Void (heroes which BKB wont help you against since their ulties disable you even with BKB active. In this case make Skadi/HoT. Don't just make damage items, your damage is probably the highest ingame anyway. After some survivability items go for either Butterfly or Buriza (or both :)) or Satanic. Dominator/Butterfly/Satanic is the best option if against mass dps (agi) heroes.

Sange and Yasha is also very popular on SF nowadays, it works very well too, gives HP, damage, more movespeed, maim. Everything SF needs, even tho I think SF should head for greater items cause he can farm hella fast. But it's certainly a good option if you couldnt manage to farm fast enough, or if your early game got screwed.

devie_

p.s. Never, ever get Midas on SF. It's just plain stupid, like making Lothars on Riki.

frix-

Stygian Desolator !

-chsn-

I wouldn't say it's THAT stupid, perma +200 gold from big neutrals +the atack speed is always nice...but like you said not worth the money. It's not stupid, it's just not worth it.

I used to go lothars all the time, it's good for pubs but it's useless in officials. In officials I always go for bot/3wraiths/skadi/dagger/bkb/satanic or hot/buriza (sell wraiths obviously). In pubs I rush lothars & gank all over. In officials lothars is just plain crap, lots of gold for an invis that is easily countered. Perhaps you'll get some fast first kills to get your team going, but most descent teams will counter with wards on crucial spots. BkB/dagger/ulti is still best thing by far for never :D.

Victoor

If you meet nukers at beginning, go for two Gauntlets and two Ironbranch and some tree's
Next buy bottle and make sure u do well with last hit for good farming, then make two Bracers and buy PT recept+boots+Belt of giant strenght and farm to gloves of speed as you buy in hidden shop at left or right line. In mid game go for lothars, Nevermore is a weak hero even with many bracers early, so lothars is a good escaper plus you can do some very nice ultis then run away. Desolator and Cuirass next, for me it doesnt matter who you and your tea meet, the armor reduce is so lovely, then lategame, go for HoT or Buriza, if you want to just support or stay behind tankers, do guinsoo and euls. Two very nice items to spamm Shadowraze.
End items in my opinion would look like this:
PT
Lothars
Deso
Cuirass
Hot (Alt. Guinsoo)
Buriza (Alt. Euls)