Replying from the "Disappointed About
4E Thread"
I guess I've always considered a "Wound System" to represent a penalty to a character's actions. Like in Shadowrun, as your damage track gets worse, you fight worse. This was to simulate the distraction of pain on your character. The problem with this type of system is that it causes a "death spiral" effect. As you become injured it is easier to become more injured.
Slowing their ability to heal when wounded really just shortens the time between extended rests. You could really just do that overall if you believe verisimilitude could be reached by making the characters rest more often. I don't really see the need to tack a wound tracking system on top of that desire.
I like alot of your other ideas. The milestone idea and the extraordinary actions (daily power + action point) appeal to me. I even mentioned those to my players (although they looked at me skeptically). The Skill idea is a great roleplaying tool.
I used a deck of cards to replace action points in
3E for one campaign. One of the cards spontaneously enchanted or improved an item of the character who played it at a dramatic moment.