Glad to see this thread getting as long as it is -- let's hope Larian is taking notice.

For me the thing I don't like about HP bloat is the way it nerfs casters. Sacred flame should be just as strong as firebolt but it's not because you have a much better chance at making to hit roll than having the enemy fail its savings roll. Unless you increase the power of sleep and fireball to make up for bloated HP those spells are effectively nerfed meaning the caster can no longer serve as crowd control.