Boons & Conditions dropped a guide to the bleed condition for PvP this past week.
They went over whether applying a bleed condition is worth doing, if paying attention to bleed is something you need to focus on, and how the bleed condition works/applies.
Bleeding damage ignores damage reduction such as defense, toughness, and the protection boon. It also ignores damage enhancing conditions such as vulnerability.
The damage for bleeding does not change. Only its duration does.
You need to consider that condition damage does not live in a vacuum. People are going to want to remove conditions that kill them quickly. The skill of a player will ultimately affect these numbers, but for the sake of good timing, availability of actions that remove skills, and general insanity, lets say that your stack goes poof every 10 seconds.