Life (Based on Character Level) bonuses are not as desirable as + Life bonuses since they are added after Increase Maximum Life %: Increase Maximum Life 100% would double +100 Life to increase maximum life by 200, while +100 Life (Based on Character Level) would only increase it by 100.
Life displayed is rounded down to the nearest point but the smallest unit is actually 1/256 point, so even fractions of a life point are added, even if they don't change the displayed value: +0.75 life upon gaining a level will only alter the displayed value if the previous value omitted 0.25 life or more.
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