Let’s start with the explanation of the passive “Innate Cloaking Spell”: Neeko can assume the form of an allied champion at any time. Or stand next to an allied unit to store this cloak and assume it when needed. The cloak ends when Neeko is hit by a movement-restricting crowd control effect (AOE). It also ends when she attacks a tower as a non-champion cloak or generally when she takes a tower shot.
As soon as Neeko uses a damage-dealing ability, she transforms back.
When she transforms, she gains both positive and negative effects. For example, running speed or range of autoattacks.

“Q – Blooming Bomb” Neeko throws a seed crown that blooms on contact with the ground and causes damage in a small radius. The seed blooms again when a champion is hit or a unit is killed. This can occur 2 times.

“W – Shape Splitter” Neeko’s 3rd autoattack deals additional magic damage. When activated, Neeko summons a clone and is briefly invisible himself. The clone can be controlled with W or alt+right-click.

“E – Spiked Snare” Neeko throws a spiked snare that sweeps enemies. It gets bigger, lasts longer and flies faster the more champions it penetrates or minions it kills.

“R – Pop Blossom” Neeko leaps into the air after a short preparation time. All enemies in the radius take damage and are thrown up. The preparation can happen invisibly together with W.

We maximize Q on Neeko, as this is our damage spell and therefore also a waveclear spell. Together with Comet and Heatwave, we can use it to poke the opponent well.
E is maximized second, as this spell offers setup and further damage. W is only there to become invisible so that you can prepare the ulti unseen or escape jungle ganks. W can also be used as vision for a while by sending the clone out and then performing an emote or backport. This makes the clone last much longer. 1 point in w is enough for this.