It's helpful but it's mostly a secondary stat. It shouldn't be a defensive stat either. However, it's useful when on a bloodthirster, that's about it.
Bloodthirster has and always will be viable. The highest AD item in the game (sans a fully stacked Sword of the Occult) that also gives you lifesteal? It's too good to turn down. Other lifesteal items? Not on ranged.

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the only other lifesteal item I would consider is stark's fervor, since it's a pretty beneficial item overall and gives you attack speed.
Pwnzor1130 wrote:
Bloodthirster has and always will be viable. The highest AD item in the game (sans a fully stacked Sword of the Occult) that also gives you lifesteal? It's too good to turn down. Other lifesteal items? Not on ranged.
Viable maybe, but bordering on not viable. It's better now tho after the buff.
"I'm ebolakin. You can refer to me as Ebola-Chan." - Vurtax
"I also am Otherkin. Whenever autumn rolls around I can feel my kin-type slowly taking over my body. You must know, I identify as pumpkin. I can control it pretty good most of the time, but when September ends, I just cant hold it in anymore. Whenever Im outside I see my brothers and sisters being chopped into soup, coffee, donuts, cake, drinks, bread - ppl even cut human faces into their skin, making a mockery out of their noble appearance. When I see things like that I cant control my pumpkin urges anymore. My natural instincts kick in. I then sit down motionless, while getting bright orange." - Morgana L
"I also am Otherkin. Whenever autumn rolls around I can feel my kin-type slowly taking over my body. You must know, I identify as pumpkin. I can control it pretty good most of the time, but when September ends, I just cant hold it in anymore. Whenever Im outside I see my brothers and sisters being chopped into soup, coffee, donuts, cake, drinks, bread - ppl even cut human faces into their skin, making a mockery out of their noble appearance. When I see things like that I cant control my pumpkin urges anymore. My natural instincts kick in. I then sit down motionless, while getting bright orange." - Morgana L
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I definitely see the utility in having lifesteal during the laning phases, keeps you in lane longer, but that usefulness seems to fade a little as time goes on.