While Lifewarding is not a major enchant, and I expect Blade Warding will probably be a little more beneficial. I have been testing it.
To date I have not tested it much, but found the following.
Lifeward has been declared to have approx 10% crit chance. I will test more into this, but my first run with it seems to agree.
Lifewards is said to heal 350-380. I foundit often healed less then 200, but also sometimes over 400. 370 was the most often noticed proc. Over all I would say an average of 360 could be fair.
It had been altered in proc rates, had its amounts increased, and mats reduced. And over the course of 30 second trash fights often procced at least once. In a 90 second fight it game me around 2k (2056 exactly) healing, nearly same as a full stacked proc of blood draining. (on the final boss of Old Kingdoms).
Between all 4 bosses, it seemed to average about 1900. Seeing as i stayed above 70% the entire run, it proved more effective with passive heals then blood draining, which would not have procced once.
In a 5-6 minute long raid boss fight, i expect a much higher rate, ad will be testing this in naxx, uldaur and totc this week.
From a preliminary test I believe it should be alteast given the same point value as blood draining, or maybe sometimes close (10 or 12 point value).
I will update this thread after each raid test.