The worst part about it on Bioshock 2 is that you don't automatically replenish health...so if you are out of health packs, your screen stays like that, for a while! Frustrating. And I turned off the helmet first thing too!
Some handle it well: Gears, Uncharted, Modern Warfare, Killzone 2. Others, not so much: Mass Effect 2, Bioshock 2.
When implemented correctly, I like it better than a health bar. Wait...Bioshock HAS a health bar too! WTF?