Well, I'd argue that 5% lifesteal doesn't have any truly noticeable impact either, but it's there, behind the scenes, doing its' thing, being helpful. It's not a big, shiny bonus at all, it's just a small contribution, one that adds to the whole.
When I look at the Blade, I see 20 AD, for about the standard price of base AD, and 200 health for free, with 5% lifesteal as an appreciated and useful if not significant bonus -on every AD in game-.
When I look at the Ring, I see 30 AP, very expensive, but with 200 health and 7 mp5 tacked on, trouble being that on most of the AP I play, 7 mp5 isn't something I'm very (or at all, for manaless champs or any champ I feel shrines are enough, or any champ that needs a lot of mp5 and I'll be going for an early Chalice anyway) interested in. So it ends up being a 30 AP, 200 health for ~1k gold item... which isn't generally something I want to spend my gold on when I could just start building a real item.
I don't need the bonus between the (should be) 40 AP and the 200 health to be something significant, just something useful... and something universally useful, not useful to some and useless to others... 7.5% SV or 5% CDR would fit that bill.