And you completely ignored mine. The template doesn't allow 99 Necro. It's a squeeze to get 35 on. It's not even about being able to solo Peerless.
I have come to think that some of the people who are participating in this thread are not giving this FACT and all of the implications behind it the consideration it deserves.
(That or they don't give a sh*t).
The vamp form bush dexer who is swapping on jewels and then swapping them off is using Vampiric Embrace in one of the handful of ways that are viable for a dexer that has ANY necro influence to do pvm.
This situation exists because (a) a true necro-dexer template does not work well within the current skill cap and (b) a true necro-dexer temp doesnt build the right kind of damage, it's Chiv that does, and real necro templates would not be expected to carry chiv.
The useful PVM thing about vamp form is the weapon damage creating life leech, and a real necro+spirit speak template does not support the kind of damage to make it work right for the highest-level PVM. It doesn't generate great damage on it's own. The bush+chiv+perfection+tactics+anatomy+str+DI is what makes it work.
Aside from that, for PVM, vamp form could hit the trash. The low level poison immunity and extra regen is nice but it's not what makes the form worth keeping in PVM.
The other way some necros can do quality PVM it is to take wraith form, and you sometimes see more 'pure'-looking templates doing that but they are a minority. That template uses curse wep to effect life leech and the wraith form to pull mana leech, sorta the flip-side of the vamp bush dexer (who does the opposite and sticks to mana leech weapons).
If Vamp form is being called some sort of super-powerful Necromancer form in the literature, and that's what the points value currently assigned to its casting difficulty suggest, those things seem to not represent the real powers and abilities of the form as they apply to templates today. Necromancers don't even use it, that's how 'valuable' it is to the real world necromancer templates.
Some people want to see this interesting niche snatched away from all the people who enjoy it. Some people are citing the UNIMPORTANT means by which it must be cast (due to the dexer template not being able to fit 99 points of necro on) and the UNIMPORTANT fact that some other skill, 'spirit speak', is not required to do it. Vamp form is what it is, you know? Claiming that it 'should' have other requirements just because some other necro spells do is asking for a nerf, not a fix.
What's important is, what works in the overall balance of things, and what are people enjoying? The bush vamp dexers hurt noone (if you don't count the fact that some of the yucky gold farmers run the template, and how's that anyone's fault).
If someone wants to whine about purism of templates and supposed evil of using items in a way that makes Vamp Form actually viable on at least one template, maybe their perspectives are better implemented in, like, WOW, than in UO. UO has a stronger streak to where interesting, varied templates are made to work well.