I kind of agree, though I think we need to be cautious about it. I personally like the idea of really getting at the issues with his pretty much mediocre at best talents.
Straight up buffing Scorch is not an option (I think it needs a rework, maybe giving the Fireball a DoT). Buffing it straight up wouldn't make it consistent, but it would make it a lot more ridiculous potentially if Fireballs are lined up.
Aegis DEFINITELY needs a buff. That talent is quite literally useless. Just get Towering Barrier on a Formidable build instead, it's better than running this $#!+ and you get really good healing from it early. I would suggest getting rid of the CDR (so it cooperates with Towering Barrier), and buffing the shield health to something along the lines of Makoa's ult health (which is 11k without Leviathan). It would be a nice big shield that could last and give him a point build option.
Formidable IMO is sort of in need of a tweak. Now that Armor is a thing in Paladins, I think it's only fitting for him to have a talent that allows him to overheal into Armor when it procs. What I'm suggesting is to make it give Fernando X amount of Armor when it would proc (Maybe 1500 or something like that that lasts maybe 15 seconds) instead of what it does now. Less powerful early game, but more consistent into late.
As for the rest of him, maybe buff his on-hit damage to 40 (from 35), and his ult might need some tweaking (as it's hard to consistently utilize effectively). Also slightly decrease base health to make him consistent with other tanks.
To state them plainly and with numbers:
Scorch- Current Effect Removed. Scorch now deals 5% max HP + 50 damage to targets over 1 second after hitting them with fireball. (5 tics of 1% max HP + 10).
Aegis- No longer reduces the shield's cooldown, but the talent now increases his shield strength by 2500 and grants him immunity to slows and stuns.
Formidable- Current Effect Removed. Formidable now grants Fernando 1500 Armor for 15 seconds after dropping below 45% health. Cooldown of 45 seconds. (By the way the 15 seconds of armor would count as part of the CD).
Base Health- decreased from 4600 to 4500 (Don't worry, it means basically nothing. It just makes the class more consistent).
Flamethrower- On-hit damage increased from 35 to 40.
Formidable- Instead of working at 1500 health, invulnerability now works at 60% of any given ally's health (in other words, it's far more consistently useful for himself, but the effect would be nerfed a bit for squishy teammates).
Just some ideas.
Scorch suggestion- Added 50 flat damage to the bonus. (+)