I've crunched a whole lot of numbers on Ezreal to examine his blue build. Now that the jungler item is nerfed to its current not-cost-effective state, we need a substitute for those 10% CDR.
I found Brutalizer to be very effective in filling that spot. It spikes your early game compared to what the Spirit did, as well as costing about a Tear less, which is very important. It finishes your core earlier, and it lets you start stacking Tear earlier.
It does have the substantial downside of not being blue though.
Other things of note that I found while crunching:
CDR on Ezreal is very good, even without factoring in his increased mobility and map control.
Brutalizer is very cost effective early.
Last Whisper is as important as everyone says it is.
Iceborn Gauntlet is very cost ineffective for straight damage.
The spreadsheet can be found here. The conversion from Excel to Google Docs was not perfect.