Says what does, and gives a player a chance to survive with another hit if they are lucky.
This should probably spare some players from having their lives stolen via the life share option. It also is useful for players who are less experienced and don't want to change to characters like Tails or any other character that has movement options or is immune to some stage hazards.
The characters I tested this with all seemed to work, with the only accepting being that it looks odd for some. But that's a nitpick at heart.