I once cut my finger with paper, accidentally, blood didn't splurt in my eyes either. So I agree, Bethesda don't know what they're talking about. You and I, man.. we know.
Hell no! Bethesda clearly made working replicas of all weapons ingame and went on to dismember their employees with them just so they could get the blood splatter just right for each weapon!
In all seriousness, it would be neat if you could turn it off. Blood on my sword is nice, blood in my eyes is just freaky.