Yeah...in most games I play the bloody screen is what you see as you are VERY NEAR death and not when you are still fairly high in HP and merely taking damage. It would be great to have a threshold you could set so that when you drop below a specific HP total you start to see this...your final warning to either get 'er done or bail. I think this would give the bloody screen feature real meaning and actually improve awareness instead of getting you all in a panic over nothing.
I voted NO since i think it can be reworked to be a really useful feedback mechanism.