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AI attacks with Agrus Kos, who gets +2/+2 from his ability (as an aside, it should be a single trigger, not two). I block with two Abattoir Ghouls. They kill Kos with first strike damage, but I only got 3 life from each, not 5. Abattoir Ghoul gives you life based on the toughness of CREATURE, meaning the creature as it existed on battlefield, so it should count all modifications to toughness

Unfortunately problem doesn't lie in the card, as it uses a common mechanism GetLastKnownToughness. I've browsed the code a bit and found out about GetPermanentLife() and GetPermanentPower(). They could solve the problem.