My impression so far is that Bloodied is the full extent of a "condition track" and that it will not carry generic penalties but, as mentioned, enable/disable abilities. Not only for the individual bloodied/unbloodied, but for others. For instance, I'd bet money that some if not all rogues will be able to take advantage of opponents being bloodied with some opportunistic 'kick em while they're down' strike. Other possibilities include wolverines becoming enraged when bloodied and certain spells being more effective (or usable exclusively) against bloodied individuals. So there will be up to 8 relevant conditions (I don't mean in the sense of condition track, but rather situations):
What you can do when you are un/bloodied
What your opponent can do when un/bloodied
What you can do to an opponent who is un/bloodied
What an opponent can do to you when you are un/bloodied
Just based on what I've read and would speculate so far.