I really think that both Barbed Armor (at slightly more money, but around the same price point) and Plate Mail (cheaper, but upgrades to GREAT gear) are both better alternatives than HotBL unless you're planning on jungling as Zephyr or Legionaire (the blocking does more early than armor, which gets much better lategame).
Blocking the damage is near useless in the lategame compared to having an additional 6 (barbed) or 10 (plate) or 15 (daemonic, frostfield) armor. Additionally, the additional effects -- barbed's damage return, daemonic's TWO auras and super attack speed, and frostfield's mana + AOE slow are all much better effects than the regen on HotBL in a teamfight.
Since when has a teamfight lasted long enough to regen 1000 HP on +6 regen alone anyway? Teamfights last 20 seconds max, and then one side is running the hell out of there.