No version of D&D deals with debilitating wounds properly, The week recovery for wounds with out magical care is just as unreal as the 6 hours in 4th edition and no version models the long term debilitating effects of suffering such wound either not to mention the death due to oppurtunistic infections.
I am afraid we are still running circles, because this has been said before.
I think these are the cruicial differences regarding hit points:
1)
Healing all damage and regaining all healing surges per day means that most concern for "operational" play or sandboxes is gone. Even if healing time and rules have always been unrealistic, this affects the play style the strongest. I am not sure how people dealt with Cure Light Wound Wands, though, since they mostly had the same effect on play. Of course, that is just an artifact of 3E and didn't exist before, as far as I know.
The only thing I'd like to point out: Once you have Clerics with healing spell in the mix, it is not unlikely (and I think that is even true before 3E) that you can recover all damage in one day by blowing all healing spells on the injured characters. I am still not convinced that a difference of 16 hours in rest period is that relevant to play. Unless magical healing was in fact removed from game, short healing times will be part of the game.
2)
Since you do no longer need any magical regenration abilities to regain hit points, hit points become more abstract or imprecise. Either you assume wounds regenerate incredibly fast (few would do that), or you assume that characters can be at full hit points and yet be injured (only thanks to a heightened moral and soldiering on they managed to ignore the pain), or that real injuries are only ever taken if a character died. The latter means you have a state where you don't know if there was a serious wound or a superficial wound until the dying character is stabilized or dies.
In both the later cases you have to accept that the rules do not describe the characters status entirely, they really only describe his fighting ability, not whether he looks or
is injured or not.
Where do people disagree on these observations? (avoiding to tell me that this is a terrible thing to do to the game or to tell me that this is the greatest invention ever.)