Does the damage transfered count as physical damage? (Can two monks cast lifebond on each other to share the damage untill the ammount transfered is less than the ammount prevented?)
Lifebond only activates when the character takes a hit from a weapon. In the case of the damage absorbed, that's counted as strict damage with no attribute, neither physical nor magical.
I believe it's armor ignoring, as noted above by Lasareth: "In the case of the damage absorbed, that's counted as strict damage with no attribute, neither physical nor magical."
About a week ago we were at Thirsty River doing the mission there. It's the mission where you have a priest in every area that respawns the moobs each two minutes unless you kill it, there is a boss in each area also and the one in the last area heals the priest making it awfully hard to kill unless you have someone who can interrupt. Well we had a weak group and I didn't give us much of a chance of completing. This Life Bond spell was incredible and get this it took us 27 MINUTES to clear the last three areas, it was an incredible fight but we did it. Think we only had two level 20s and not sure if our highest ranked warrior was something like a 17 we had one or two. I came here to read up on that spell just because of that incredible mission.