Huh...so, healing surges by another name?
The only difference that I can see is that you regain randomized amounts of hit points instead of a flat value. Actually, I guess it is based on your level so they increase faster? It kind of reminds me of Dragon Age, where you regain a random amount of hit points after every encounter, though I get the idea that you only get X amount of rolls per day since you regain Hit Dice by resting. Eh, seems like a nice middle ground, and since it is variable it adds in an element of uncertainty and risk.
Trying to explain how hit points translate into the game world is a debate that has existed since hit points were created, despite multiple attempts from one of the game's creators, game designers of other editions, and community members. For the most part the bullet points again reiterate things that we (should) know: a character's physical endurance, ability to turn lethal blows into something non-lethal, and plot relevancy.
What is more interesting is how the following section breaks up damage interpretation based on a characters hit points, which range from superficial to serious. It kind of models how I had been doing it in 4th Edition, in which characters take meaningful injuries when they become bloodied or are reduced to 0 or less (and just recently I started using persistent injuries for characters that get dropped).
Now back to Diablo 3. I plan on beating Hell difficulty before the playtest opens up, so I can focus my attention on converting Age of Worms to 5th Edition.