Previously bleeding would happen on the majority of hits and basically worked by halving the damage you _would_ have taken from the bullet, applying half instantly, and the second half over a period of something like 4-8 seconds unless you bandaged immediately. Bleeding still operates that way with regard to halving the damage, however you will now only bleed if the full damage would result in death, otherwise you take the full damage and don't bleed.
Also, when bleeding you now bleed for 10/20/30 seconds depending on bleeding speed and you cannot bleed out any faster than that, so no more instances of "you are bleeding" only to die one second later because you only had 2 health left to bleed out. Now, bleeding out actually takes some time, which means you don't have to instantly stop in the middle of the street and bandage to prevent instant death, only to be easily sniped by the guy who wounded you in the first place. You're free to finish your firefight or disengage and get to safety before bandaging. You can tell how far gone you are, as the screen fades out as you bleed out, then unfades as you bandage. And lastly, bandaging now takes 2-3x as long as it used to.
So basically, bleeding is no longer something that happens hundreds of times per minute in each battle and bandaging no longer has to be done instantly to survive, but it's a slower and more deliberate process.
