I could see increasing the bleed time significantly could lend itself to more grouping and RP. I'm talking like 1 to 2 points an IG hour, and give players the option to skip the bleed and die for what ever reason. Then , if a party member fell in a dungeon, you could actually go find help for your dieing friend or formulate a plan with the rest of your group to try and beat whatever brought down your friend in the first place.
You would have less complaining about the stiffer death system because it's now possible to take a risk without risking precious diamonds as much. Also, it encourages partying more because a friend could easily help, or find help now to rescue his friend instead of going to retrieve a corpse.
Of course though, if you're in some dark deep section of the game, and you really don't have time to wait/know that there's no one any near to save you, you could use an option to either run down the checks like they are done at normal times (One a turn, or however it's setup on the server now) or even use an option to just die right out, so everyone wins- because everyone is represented, rather they like the new system or not. At the very least, it could add a bit more RP and lessen the number of raise deads on the server.