I agree that blood splatter is ridiculous in the game, but honestly it's less ridiculous than NWN with it's absolutely ridiculous blood and gore when you get a Crit. Seeing a kobold explode into a bloody mess with bones and guts flying is absurd.
Still, I'd rather they implement a genuine interpretation of HP loss. Minor HP loss = little to no blood. Quarter HP loss = some, but not much blood. Half HP loss or more = considerable. BUT, when reduced to 0 HP, regardless of how hard the hit, THAT'S when lots of blood flows.
All that said, I really don't understand why people think it's cartoony. I think the graphics are amazing. Certainly way better than Solasta or Pathfinder or Neverwinter Online or any other cRPG rivals it has.