First, the proc coefficient for LoH and item/skill effects are the same, but the total proc they give per second is different. That's because it's not a chance to trigger Life on Hit, you get it every time. On the other hand skill/effects only have a chance to proc, so this means the math in calculating Life on Hit per second (an additive thing) and skill/effect proc chance per second (a percent thing) are different. The formulas are:
(Life on Hit)*PC*(# of hits in 1 second), ie Life on Hit + Life on Hit + Life on Hit, etc. for however many hits in 1 second
(Skill/Effect Chance)*(1-(1-PC)^(# of hits in 1 second)). This is the way you calculate the chance of something happening at least one time given x # of tries (where x# would be number of hits in 1 second)
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Next,
Cool find. Gonna have to look into this b4 it gets complicated by (assumed) changing 1.07 values. A more full reply from me is on the official forum post.
http://us.battle.net/d3/en/forum/topic/7004036888?page=5#86