What is the reasoning behind the prohibition from eating the lifeblood of an animal?

It isn't until Moses that purposing of the blood for atonement is provided as some additional reasoning behind the prohibition:

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> For the life of the flesh is in the blood, and I have given it for you on the altar to make atonement for your souls, for it is the blood that makes atonement by the life.  
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> -Leviticus 17:11
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Does the Mosaical reasoning still apply to the command given to Noah? And does this reasoning apply even to animals that are not sacrificed?

How does connecting life to blood explain its prohibition?