I'm still not sure whether I do.
But if I try my hand at it, we all know it would have a Wounds/Vitality split (and maybe Hit Locations...you know me).
In it, Vitality wouldn't be a matter of skill. Everyone has skill, including those that get disembowelled on multiple battlefields!
Vitality, however, is the semi-magical resource of imbuing your skill with magic. It happens at the will of gods and demons who enjoy watching the struggles of adventurers (and other, even more unwholesome, sorts).
Said resource is used for only one thing: to prevent deadly blows (Wound damage). It both gives them a better chance in another adventure, allows them to try more entertaining adventures, and makes sure a favourite "star adventurer" in the gods' reality show isn't going to be retired too soon.
Maybe I should try that? I could use some retroclone or with Fantasy Craft to begin with, and see how my players would react. I've got enough people in my group who dislike HP that it would be an interesting experiment if I can design a suitable character sheet that's not obviously related to the d20 system...
(The above idea was based on the fact that most people agree that if a Godbound or Exalted character has a crossbow pointed at him at point-blank range, what we can expect is him dodging to taking the attack on his chest and then disarming, knocking out or killing the attacker.
But the same people have an issue with an adventurer's HPs allowing him to do the same. Is the difference magic/divine power?)