Indeed it is. In fact I just used it!
I finally rolled my duress.
http://i1078.photobucket.com/albums/w486/d2thing/torch/20120310/Screenshot001.jpg
Vid:
http://s1078.photobucket.com/albums/w486/d2thing/torch/20120310/?action=view¤t=Duress.mp4I then equipped it and other UT gear in order to test out technique. Bottom line is I suck

I pre-buffed BO w/ all +skills gear, (adds another 50 secs or so), and then forgot to put on belt(SoE for dClone) when replacing gear. I also forgot to turn on concentration after casting lifetap. I did get a new anni out of it, and this time I did the battle on /p8, so I'm going to keep it.
http://i1078.photobucket.com/albums/w486/d2thing/torch/20120310/Screenshot002.jpg
http://i1078.photobucket.com/albums/w486/d2thing/torch/20120310/Screenshot003.jpg
Watch the whole thing:
http://s1078.photobucket.com/albums/w486/d2thing/torch/20120310/?action=view¤t=anni.mp4Really, non-renewable lifetap kind of sucks for HC, especially because in UT the three will be at random placements.
Whatever is casting decrep do you think that would be better than just letting life tap stay up for ubrs?