>Let's say you
>"really" have 100 total hp, and currently have 80 (you've been
>fighting to get this gear). You see 80%. Now, you might wear
>an item and see your health change to 67%. Even though it's a
>lower number, it's good- your current hit points haven't
>changed, and it means the item is worth a hefty +20 hp (80
>current/120 maximum).

It's good unless you get a damage message or some such (if, when you take it off your hp doesn't go back up, it hurt you -- I don't claim to know that all such items which do that give damage messages -- I'm pretty sure none of the newbie2 areas have items which hurt you).