The description says "You drain life from enemies around you" which is rather vague. What it does is It constantly drains 0.4% of the current health of mobs nearby. You are healed by the amount of life drained. The healing is capped at 1% of your total health. Also, the radius is rather small, so probably melee classes will find it more useful.
[patch 2.1 update] The Life drain effect on this is now capped at 2000% weapon damage per second
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