I would love to see something like this in more games. Burning Wheel is close with the Fight mechanic. If the attacker succeeds enough, he can declare where to strike. The defender can also declare what is open ("My legs are unguarded") which determines where the strike is going normally, then the attacker can move for the blow. It even allows piecemeal armor with real effect.
Again, I think this is a mechanic / rule system, I am sure you could come up with a descriptive system using called shots and two card decks: example would be call your shot, roll to hit, misses are pulled from the blue deck, hits from the red deck. You hit and from the deck a list of effects for each hit location. Head = lose an eye, core = stomach death in X hours, Leg = knee blown, no movement. From the miss deck things like, you over extend, opponent has increase attack to called shot DISARM...
You just have to make sure of balance and that it does not slow down the flow of the game.