It adds to the realism. Do you really expect people to beat each other up and not bleed?
I'm certainly not for the return of blading because of the obvious health reasons. But when someone gets a small cut on their head, show it on TV and stop trying to edit it out. They may have taken a step in the right direction during Smackdown 2 weeks ago when they showed Sheamus split open from Del Rio's attack. And then they replayed it.