This item has a really interesting and unique identity in the game. The recent nerf (12% of damage taken is converted, down from 20%) weakens that identity making it just another lifesteal item.
To me this is clearly an anti-burst item. It slows the time to kill for any champion allowing more time to lifesteal and deal persistant damage back.
In the interest of preserving that identity I think you could maybe consider making the item an active, allowing a window of strong anti-burst with a focus on player skill rather than just generic tankiness from all the stats it gives.
I really like the theme of this item, and it seems like it would suit a short cd active to try and nullify a big burst combo rather than being a hard to appreciate persistant effect.
Created a new discussion in "new features feedback".