Looking at it from a logical perspective, the Warpstone (and all similar items such as Cloak of Night favor item) eliminates one of the listed Pros of Erebus: His ability to move quickly in and out of battle, through Bat Swarm.
In a quick test run against 2 Nightmare AI just now (just for the sake of testing Gold Rate), by the time I reached Level 5 as Erebus, I had 4800 gold. This is 2300 more than the current cost of Warpstone, which, although it does not DAMAGE, also does not cost Mana to use and can teleport 10 yards farther than the first level of Bat Swarm, which costs more than half of an unequipped Erebus' mana.
At Level 10, where Erebus gets his 30 yard (the same range as Warpstone) teleport, I had around 13,800 gold. (Again, without a single expenditure to test gold earning rate...and still versus the same AI) That is more than FIVE TIMES the cost of a Warpstone in its current incarnation for an "equivalent" teleport. Though honestly, I'd say the Warpstone is better as a Teleport because it costs no mana and can be used regardless of how the battle you're escaping had gone down. Or could be used to enter battle/bypass defenses without costing any of your combatability.
First Level of Bat Swarm: 20 Yards, 750 Mana. 300 Damage in a line, 15 second Cooldown. 0.1 second cast REQUIRES: Level 5 Erebus
Second Level of Bat Swarm: 30 Yards, 925 Mana, 450 Damage in a line, 15 second Cooldown. 0.1 second cast REQUIRES: Level 10 Erebus
Third Level of Bat Swarm: 30 Yards, 1275 Mana, 600 Damage in a line, 15 second Cooldown. 0.1 second cast REQUIRES: Level 15 Erebus
Warpstone: 30 Yards, 0 Mana, 0 Damage, 25 Second Cooldown. 0.5 second cast. REQUIRES: 2500 Gold.
Cloak of Night: 20 yards, 0 Mana, 200 Damage in a radius, 30 second Cooldown, Instant Cast. REQUIRES: 380 Favor Points, Playing as GENERAL
Cloak of Elfinkind, 15 Yards. No Damage. +750 Armor, +15% Dodge, +20% movement speed 17 second Cooldown. Instant Cast. REQUIRES: 12,000 Gold
Out of these, the Warpstone and Cloak of Night are the most readily available, and available before any others (assuming you already have 380 Favor Points before playing whatever game).
The Cloak of Night functions quite similarly to Bat Swarm, while the Warpstone has no damage,b ut a longer range.
None of the teleports have longer than a half second cast time (Warpstone) and vary in range from 15 yards (Cloak of Elfinkind) to 30 Yards (Warp Stone, Bat Swarm 2-3), with 20 yards (Bat Swarm 1, Cloak of Night) being the only intermediates.
In addition to their various range, they vary in cooldown time from 15 Seconds (All Bat Swarms), to 30 seconds (Cloak of Night) with 17 (Cloak of Elfinkind) and 25 (Warpstone) as intermediates.
Bat Swarm is the only warp with a Mana Cost, but deals damage to anything between Erebus and his target location, making Bat Swarm fundamentally different from what most people use a Warp Stone for (i.e., Escaping) unless he first runs past his target before teleporting back in the other direction. Of course, because of the growing mana cost, and Erebus' small default mana supply, Bat Swarm is not a reliable means of transportation after a battle, leaving Warpstone superior in the task of teleporting.
Cloak of Night also has its advantages, being that it casts 0.1 seconds faster and does not cost mana, and is available from the start of a game, though it does use up a valuable Favor Item slot. Of course, it also improves your Mana and Mana Regeneration rate, rather than taking up the majority of your mana to use.
The Point:
At any rate, the Warpstone in its current incarnation, and for its current use is way too readily available, when compared to a skill that is (almost) identical in ability.
Suggestions for Change:
The Warpstone, as a persistent (read: Non-expendable) item, costs too little for a warping item because of its ability to pull you almost instantly out of harm's way. To remedy this, its cost should be either raised to be similar to the cost of attaining Erebus' teleportation skill, Bat Swarm (i.e. Level 5... which means around 5,000 Gold for someone who spends none)... OR, alternately, the item could be changed to be an expendable item (reducing the price to something like 1,000... but being much more costly in the long run for players who wish to use it.)
Additionally, the range should be reduced to 20, to remain consistent with other easily available teleport items. If Erebus is going to be touted as "The Demigod that can move quickly in and out of battle", he should retain some sort of advantage over items that grant other Demigods the ability to warp in and out of battle. And since the Cloak of Night already adds the ability to damage via Teleport, leaving Erebus' RANGE as an advantage is the only bonus. Especially since his costs so much mana...which I would suggest lowering quite a bit due to the teleportation items. Keep in mind, Erebus can carry Bat Swarm, a Warpstone, and the Cloak of Night (Teleport Juggling, lawl).