Level 10 Bleed has a 32% chance of doubling your damage. As you become stronger and upgrade your weapons, Bleed becomes more effective.
Level 10 Reflect directs 92% of damage back at your attacker. As you become stronger and upgrade your armour, Reflect becomes less effective. With opponents a few levels lower that yourself, Reflect is useless, since they can not do significant amounts of damage. In general, opponents also have a lot more hit points than you do, so even if you are taking a lot of damage, you are not doing much harm by reflecting some of it back.
In games where there is a very large amount of damage reflected back (like 10 or 100 times the original damage), I've seen people recommend this type of skill to handle weak opponents by simply letting them attack (an insignificant amount of damage to your character could still be enough for them to end up killing themselves). I never use these skills, though.
