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.

Thanks to The Nameless Bard and Vavena for the sigs!
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 saw [Twilight: Eclipse] in theaters with a girl I was dating at the time. I spent more time staring at my toes and wiggling them than I did watching this abomination. When Edward proposed to Blank Face, I finally looked up with a revelation.
I blurted out loud, in a dead silent theater full of teenage girls on opening night "Wait a minute, Edward has no blood flow. How does he get an erection?" I heard several men laughing, and had several girls turn and stare at me.
I did not get laid that night." - Berengier817
I blurted out loud, in a dead silent theater full of teenage girls on opening night "Wait a minute, Edward has no blood flow. How does he get an erection?" I heard several men laughing, and had several girls turn and stare at me.
I did not get laid that night." - Berengier817
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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.