Say this for G2: they did a lot better than KT. Had a real chance to win game 1 after repeatedly ganking Faker, did win game 2 after SKT made a terrible misplay at bot tower, and only lost a tight game 3 to a godly play from Wolf.
In summary for each of the regions:
Korea (SKT): SKT are still the best, continuing their region's utterly dominant record in international competition since the beginning of the LCS era, defending their own MSI title, but they were shown to be mortal, as three teams succeeded in taking games off them. There's no doubt that Faker-era SKT are going to go down as the greatest LoL team ever unless the game is played for decades, the only question is for how long they stat at the top and whether other Korean teams will be able to hold up their mantle when they finally decline.
Europe (G2): Best performance internationally from Europe since S5 Worlds with Fnatic and Origen. G2 earned redemption for multiple woeful showings despite completely dominating domestic competition since they joined the EU LCS. Zven and PerkZ were immense under pressure, and when Trick finally showed up in the semi-finals they looked a class above China's best team. Although they were clearly nervous and defensive throughout groups, they did draft for late game, giving Zven the responsibility to carry.
China (WE): Same old story, really. Individually they demonstrated unbelievable talent, Mystic destroying lanes and Xiye even steamrollering Faker with his Lucian counterpick. But when push came to shove in the playoff series, they were outdrafted and prone to naive calls without preparation. In keeping with what's becoming a Chinese tradition, their top laner appeared inexplicably out of his depth.
Taiwan (FW): Came in as favourites for second after winning IEM Worlds. Surprisingly poor group stage despite the win over SKT, but the classic trio of Maple, SwordArt and Karsa came to the fore when it mattered in the final matches. If only WE had their shotcalling sharpness and relentless focus on denying vision when ahead. Faker destroyed Maple in their series, putting an end to any hopes of them being Korean-killers. I see them as one of the most knowledgeable and experienced teams around in international competition, but lacking in raw ability when pushed off their best champions.
NA (TSM): Looked nervous all tournament and repeatedly allowed large leads to be squandered with indecision. Sven had his worst tendencies come to the fore, repeatedly caught recklessly counter-jungling, and Turtle had one of the worst tournaments of his career. It is worth remembering that they were twice within one game of advancing to the bracket stage (just as they were at S6 Worlds). Missing out on the pool 1 seed for Worlds could hurt.
GAM (Wildcard): Caused some chaos, taking no less than 3 maps from TSM (while throwing big leads in two others) and beating G2 and WE to boot. Went out in a fitting way - botching a balls deep 5-man dive of the Flash Wolves' bot lane and getting aced.