Yeah, guys. Look at the speed the game is played at. I've been shot, retreated around a corner to try and bandage, and been shot again by the same guy who came after me all in the span of less than 3 seconds.
It's an online FPS. You don't have TIME to sit there and bandage yourself for 15 seconds.
I do appreciate how frantic the bleed out makes things. I immediately start looking for a way out so I can go slap a band-aid on it, but I'm also (most likely) still under fire. Suddenly, everything becomes a lot more intense for a few seconds, and I can admire that.
Oh, and @GRIZZLY, I gotta admit, I think I might have woken the neighbors laughing at that.