Ehh, you can still see. I think it kinda adds some realism because you shouldn't be as adept at combat when your life is hanging by a thread. And really, when you have health that low (<10), you're probably dead in a few seconds anyway.
It is pretty evident that this game has no intention of being realistic. Sticking a recharging needle into your chest to heal gunshot wounds isn't exactly something used in real life. And no, there have been many times in the Beta/Demo that I had low health and was still alive for a long time. I'm talking upwards of 5 minutes. They should have had the needle in multiplayer, except have a very slow recharge time with it. I hear you could unlock it or something, but that is just another dumb idea that will separate skill from having too much time to play the damn game.
And the aiming sucks. CoD4 and UT3 are two games that got aiming right on consoles (as right as they can be on a standard controller). Instead developers copying them, you usually see them going with their own idea of how the controls should be, and usually they turn out to be ass like BFBC. They are either too fast or too slow. It may not be a problem in close range combat, but Battlefield games have always been the mid to long range gun fights.
The FOV problem also isn't a small issue. It looks like your guy disconnected his eyeballs and placed them far in front of his body on his gun.
I will say one nice thing about the game, and that is that flying a helicopter is actually pretty good here. Very simple, but still fun.