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.
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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.