LS is grossly overpowered, dunno how anyone can disagree with that and is one of the bigger flaws with the game, not sure how anyone can argue that. I have to see the actual changes they suggest to determine if their fix makes sense though.
Sure it might be grossly OP if you are doing 1000000000k damage, but for anybody around 100k it is barely adequate right now. I would be dropping like a stone if I didn't use Rend for my heal. LS needs to actually scale so it functions as an alternative to LoH for builds that don't use flurry type attacks. It should also not exist as a trickle type heal. I remember my Zealadin in D2 would use about 30% life steal and I still died, because by making my build based on pure offense I was playing it fast and loose. I miss an attack, and I usually died because all of my focus was on attack speed, damage, and life steal.
Since monster damage in this game is horribly inflated already, why not allow significant amounts of life steal to exist? Of course, since crit already needs fixed, damage will be reduced when that is fixed, so you won't be healing for 10x your life every second or two.