If you are not playing a melee character, then Bleed isn't going to be much help, so Reflect might be more useful (though there are still probably better choices on skill selection for rangers or mages). I'll start a ranger character when DKS is released, but Reflect doesn't fit my playstyle.
BTW, if you do want some kind of retribution in D2:ED against opponents that attack you, IMNSHO you would be better served with a few Static Charge auras on jewelry. They trigger a counter attack that does a set amount of magic damage, rather than a percentage of what was done to you. I happened to have a Static Charge aura on something at the start of Sentinel Island, which came in handy to take out some wyverns that mostly kept out of bow range. They couldn't do any noticeable damage to me (they were level 16 IIRC, while I was 19), so any percentage based damage would not have helped.
