Take Fallout New Vegas, on hardcoe mode, for example:
If I buy or scavenge a reasonable amount of Doctor's Bags (heal crippled limbs), Stimpacks (heal HP), Hydra (temporarily heal crippled libs), and Med-X (you take less damage), I can take on multiple dungeons and it acts like a 'buffer' allowing me to scavenge more items, making it possible to fight continuously without visiting town - IF I am good enough at picking my fights. If I go in ill-prepared, however, I will suffer. Preperation for, and evaluation of, each situation are very important.
If I train my medical skill, I get more healing out of each individual stimpack, making them last longer. If I train my Mercantile skill, I can afford to buy more healing items for the same amount of caps. If I sneak around, I will require less healing anyway. And if I am a straight 'tank', I need to use armour, positioning or quick kills to avoid situations where I am being shot at from all angles for extended periods of time. If I survive the combat, I am still punished through the game's economy for taking so much damage, in that I need to use expensive stimpacks and doctor's bags.
Taking large amounts of damage is A BAD THING in FO:NV, even if I survive the combat. I feel that this makes combat a lot more interesting, and also that it accentuates the importance of non-combat skills even in a game where there is a lot of fighting.
But, but... That forces me to *think*. Who the hell wants that in a FPS? It's not like this is some RPG. I just want to kick ass with my magical sword, since I will regenerate health and magicka and stamina automatically, without any respect on my well being. Bad idea, sounds like you just want to have lame excuses for gameplay elements to the game that does not fit into the combat, magic, or stealth categories. Be gone with you, don't attempt to destroy the ideas we got from Oblivion with actual thrilling gameplay.
[/sarcasm][/irony] <-- Just in case someone missed it...
Seriously though, the Fallout New Vegas gameplay, even for hard core mode, sounds a *lot* more thought out than the Oblivion rush. If I'm hit in the face with a bloody mace, I think I would suffer more than a nose bleed
But again, this is also a place where the three split bar system works well, health:
* Left/black side showing critical wounds, that increase the more crippled you get, and by sleep and nutrition deprivation, increasing to the right. A long rest will fix it.
* Right/gray side showing temporal wounds, that heals normally with potions. Can also be magical damage that will stop when effect stops. Also the "hurt factor".
* Middle/red side showing remaining health pool. When left/black critical wounds and right/gray meets, and there is no middle/red remaining, you die.
Note that the left/black critical wound indication only shows you how badly you are crippled, directly on screen. For the details, you'd have to check out your character sheet.