I recently bought 2 Sphene rings (+5 vit). After equipping them I saw no difference to my max hp. First I thought it was because I'm only rank 27 and the rings are optimal rank 31. But my rank 31 friend confirmed that they had no effect on his character either. After looking through my gear and un-equipping/ re-equipping every piece of gear that has VIT on it. It's safe to say +VIT on gear does not raise max HP.
Is there a point to VIT on gear at this time? Is it broken or does it have another effect? Is this the case with other attributes such as MND and its effect on MP too? I didn't see any effect of higher vitality affecting defence either.