With ranged, that 40% is before any penalties on their side, like darkness, close-quarters, move'n'shoot, etc. Anyway, dodge/evasion works before everything else, so try to see it as an energy shield extender. With my psiblade, fights tend to go pretty quick; I can make morphine and aegis last through entire fights (or the trickiest spots of big fights) so that even if I get hit and damaged through my shield and armor, its very little and I can heal it back on my next turn. AoEs dont even hurt me for the most part.