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It is a condition or state with no inherent effect. However, the condition can be a trigger for other effects which check for the condition and either apply or don't apply.
Some monster abilities (like rage or a immediate attack against a adjacent target) kick in when the monster becomes bloodied.
Bloodied can make you more vulnerable as some powers or monster abilities are more effective against bloodied targets.
Yup, it does nothing except get my Tiefling all excited.
Unfortunately, during the first few combats I kept thinking that "Bloodied = Demoralized" or something similar...and, as such, avoided Bloodied critters.
Such is not the case! A Bloodied critter is JUST as dangerous as a full HP critter...and sometimes more so!
For some PCs, Bloodied foes are more tempting targets. These characters have feats, and (eventually) powers that have increased effect upon bloodied creatures.
Bloodied is also handy as a reference for when your character dies. I.e. negative hp equal to your bloodied.