They don't do the "equal to life lost" template anymore :(

They don't. But I feel that's also a "generally don't" situation that allows exceptions. Now thinking about the life swing this provides in multiplayer and comparing it to e. g. the life swing granting lifelink could create... I think the Aura is upcost enough to justify the template.

I think the real perpetrators that don't get to use this template are effects that are repeatable more than once a turn and/or scale to potentially high numbers e. g. Gray Merchant of Asphodel.

The new template was in full effect during Kaladesh-block already AFAIK, but on an individual card they still decided to let you gain the life.