Not necessarily worse
it's worse at dealing damage ill give you that much
But for general all round tank stats it's probably the best singular item you can get
Since it now gives grievous wounds and attack speed slow on top of hp in return you get a bit less armor and a bit less damage.
The problem with this is that it makes the item very abuse-able by fighters/divers Because they never needed that return damage
Gutting the adc's ability to lifesteal is where it's at and attack speed slows and grievous wounds will do that
In addition it gives plenty armor still and the hp is a far better deal then 25 additional armor for them too
Due to it's new nature it's synergy with other additional tank items is got a lot worse
For tanks it got worse in many ways, it would have been better to drop the attack speed slow and keep the armor scaling damage.