I'd prefer the removal of bandaging and slow death to tell you the truth, but if it has to be in there, at least try and make it more interesting and have it impact gameplay more than just pressing a button to not die.
How about a support squad? Ammo carriers for bazookas, MG's, sappers etc. and also medics, not to bandage people, but to carry wounded soldiers to cover and applying first aid to them?
I don't mean they should be back in the fight, instead if a player gets, for example, shot in the gut, they die, but the "corpse" of the player is still there, bleeding out. Now if a medic would patch him up, so to speak, they would get that lost reinforcement point back.
I think that would add a lot more to the game than the arcade like bandage mechanic that's in place now. Another style of gameplay, another high value target for the enemy, people would be calling out for medics and covering them and so on.