If anything, bleedthrough is inconsistent. I love knowing where I stand in a battle. If I have my shields, people won't be able to land a killing headshot.
If 343 were to say "Bleed through was removed due to a glitch causing inconsistent results" I'd be fine with that. I wouldn't want bleed through gone, but I would accept that it's not working in the consistent manner intended.
Or even if 343 said they had polled the community and an overwhelming majority of players don't want it in the game. I'd respect that as well as a developer listening to the masses that play their game.
I wouldn't like either scenario, but I'd understand it. I wouldn't think it's better for the game style most my friends list likes to play, but it would make sense.
I still want bleed through. I think it adds a layer of skill (in awareness) and provides an additional option in CQC when dealing with melee rushers. It also meant people were more likely to get penalized when being out of position. Now there will be extra milliseconds for people to correct their mistakes (which are compounded online), will be back to more limited options when dealing with melee rushers, and will have the game handling their lack of awareness for them.
I hope that in H4 it is something that can be addressed and balanced appropriately.