I've been playing a life on hit monk all through normal and nightmare, but I was concerned about this very issue, glad I found the thread :)
I would like to contribute something to the argument though, with a few stats
currently, the life on hit attribute exists on Weapons and Amulets (perfect = 959 LoH), as well as rings (perfect = 479 LoH).
Life steal on the other hand, only exists on weapons and mihgty belts, and caps out at 3% life steal per hit.
Attack speed increases exist on Weapons (perfect +25% attack speed) as well as amulets, gloves, and rings (perfect +17%).
assuming equal attack speeds (stacked to near perfection), and perfectly stacked life steal or LoH, the life stealer would be stealing, still, 6% per hit (dual weilding), while the LoH build would be gaining 959+959+959 (dual weild/amulet) + 479+479 (rings) = 3853 life per hit.
In order for a life stealer to be gaining 3853 life per hit, they would have to be consistantly hitting for 64,216 damage (3853 is 3% of 127,833)
I'm making no comments on the viability of actually stacking either of these stats that high, just figured I'd put the information out there so people can make their decisions more informed. However, one distinct advantage I see going for Life on Hit, is that it ignores enemy defenses, where as Life steal depends on you being able to hit enemies for alot.
just some food for thought from the nerd department.
Edited by Zephelle#1220 on 5/28/2012 9:19 PM PDT