This item is butts. If you take health at the stat valuation of Giant's Belt (which is 2.5 gold for 1 point of health), you're paying 330 gold for the passive. And the passive will almost certainly never save your life, since it is only 40 hp per second, and part of it will almost certainly be wasted since kills likely aren't going to be 5 seconds apart.
Compare this to Warmog's, where you only pay 150 gold for the passive which also actually does something.
Not coming next patch, but...
Warmog's is coming.
Overlord's Bloodmail is being remade.
Lord Van Damm's Pillager is being remade.
Wicked Hatchet is being remade.
There's a few Dominion items that are going to be remade as well, and may make it over.
Overlord's Buttmail
Compare this to Warmog's, where you only pay 150 gold for the passive which also actually does something.
Warmog's is coming.
Overlord's Bloodmail is being remade.
Lord Van Damm's Pillager is being remade.
Wicked Hatchet is being remade.
There's a few Dominion items that are going to be remade as well, and may make it over.