Bleed seems to be the weakest of the status effects.. though it can be consistent it doesn't approach the usefulness of Burn, Stun, Frozen etc...
And for a game as absurdly bloody as this you'd think there'd be something better.
Currently we have "Leech", which heals you while you stand in a puddle of blood.
I advise changing the name of Leech to something more insane... Bloodthirst/Maniac, etc... and while you're standing in that puddle of blood you receive a +5% bonus to damage or a +3% bonus to critical strikes.