As is my understanding of Life Bond based on the description:
While you maintain this enchantment, whenever target other ally takes damage from an attack, half the damage is redirected to you. The damage you receive this way is reduced 3-25 points.
Only physical damage from attacks will be reduced. Thus, unless you're fighting against IWAY and prehaps RSpike, you won't really notice anything. Also, "tanking" in PvP doesn't exist. Especially in an 8v8 match, a target can be dropping in a matter of seconds from an 8 player gank. And unless you've invested points into protection, you're just redirecting the damage and reducing it by 3.
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