i mentioned in my previous post that I thought you were over-simplifying. thats very much what i'm seeing in your latest post as well.
map towers, creep waves, minions, and auto-attacks are all reduced by armor. thats a tremendous number of damage sources that armor is a more efficient protection against than just health stacking. additionally, you get the highest benefit by using BOTH in the right proportion. i think we ought to be realistic when we talk about item purchase decisions. generally you'll want to take the most efficient items just because those items are good. you'll usually get more benefit from buying Nimoth Chest Guard than you will from getting Hauberk of Life. you'll get maximum benefit by getting BOTH, the item synergy is quite good between Armor and Health/Regen items.
i mean, why would you say "hp is always better at low levels"? just weigh your choices. Scale Armor (+600 armor) is one of the best game starting items possible. Banded armor is a good pick for the regen since it will increase your lane staying power, but what if you're a general and have Monks for that anyway? Scale Armor is of great assistance in mitigating tower hits in the early game. i consider that extremely valuable, since towers are the single most dangerous thing to you in the first few levels.
and once again, the synergy effect is strongly in place. Scale Armor combined with Banded Mail is good enough protection for most DGs to last for a LONG LONG time and it can be purchased with just starting gold. just to drive the point home, here's some numbers for a Level 1 Oak:
starting health and armor: 1700 and 400 = 1972 armored health
health with just Banded Armor = 2100 (2436 armored health)
- net gain of 464 armored health
health with just Scale Armor = 1700 (2380 armored health)
- net gain of 408 armored health
health with BOTH = 2100 (2940 armored health)
- net gain of 968 armored health
notice 968 is a bigger number than 872 (which is the sum of net gains of each item individually). synergy is the best. synergy is efficiency. its what you want. its just bad play to emphasize just health or just armor and neglect the other. the maximum benefit is by getting both.
later on you start thinking about upgrades. maintaining a mix of both armor and health granting items will still be the best approach.
effective health (of Level1 Oak) with Banded Armor and Hauberk of Life = 3132
effective health with Scale Armor and Hauberk = 3220
effective health with Banded and Nimoth Chest Guard = 3796
effective health with Scale and Nimoth Chest Guard = 3740
effective health with Hauberk and Chest Guard = 4088
evidence of two things. one is that Nimoth Chest Guard is just a very efficient item. it outperforms Hauberk of Life by alot. two is that Synergy is still the best. the most efficient upgrade path sure looks like you start the game with Scale and Banded, and then as soon as you can afford it sell the Scale and replace it with Nimoth. your next truly good health/regen item isn't available for a long time.
the type of reductionist "one thing is strictly the best" approach to decision making that i've seen in your posts in this thread will not lead to the correct choices. maintaining item synergy by buying the most efficient mix of individually efficient items will lead to the best results.