This is something I've been arguing about for a long time. And yes, it's something that has to be addressed by BI. It's absolutely ridiculous that you should have to walk that slowly in this game. IMO if you're walking that slow you're already dead, so what's the point? Like the OP said, it would make a ton more sense to simply slow down the player. When I heard about the new limping animation I got excited because I thought they were finally going to alter the system, but nope, just an animation... It even makes more sense to do what Exile did and blur your screen etc once you get low enough health. BI doesn't even give you a health bar or the option to turn one on/off server side, so the community has to mod one.
If you're taking fire and are wounded so much that you're moving 5 paces per minute you might as well lay down and die... it's just dumb.
My only current issue is how badly you take damage while driving. Especially on Tanoa where you're just constantly smacking things. Run a bush over going 5kmph and it takes 5% health from you... wtf. I can understand if you like rolled on an ATV... but yeah this is a different issue.