I've played a variety of RPGs over my lifetime. Many of them have substituted Wound levels for Hit Points, such as Savage Worlds and WEG's Stars Wars. As a system, I don't mind them and they seem more realistic than Hit Points. There is already a huge RPG philosophical debate over what Hit Points actually are. Are they a measure of health and blood loss? Are they a measure of luck and combat prowess?
My friends... they are TIMERS. That is all they have ever truly been. If a 4 heroes do X damage per round, my creature needs Y Hit points to survive long enough to do its cool abilities. If you want an encounter to last longer, give the villain more Hit Points. If the players change the timer speed by doing more damage in a round, BRAVO!
Well that's definitely an argument against Hit Points, right? If we know it's a meta-measurement, we should stick with the realistic Wound systems?
Not exactly. One of the things I've found with Wound systems is a lack of suspense. Often times a hero or villain can be taken down in one hit (realistic), but that eases tension imho. The player accepts the possibilities of their character being in one of three states: Fine, Wounded, or KO'd. If fine, keep attacking. If wounded, keep attacking. If KO'd, kick back and wait until you revive.
But with Hit Points, the results are more nuanced and random. You might be hit for a point of damage or you might be slammed leaving only one hit point. As a result, there is greater range of dread. Hit Points build suspense because it is a timer that can move a little or a lot, but still leave you alive long enough to worry how you'll be next round. You hope you might only take 1 Hit Point of Damage while you scurry for safety.
You know, the older I get, the more I realize that a game will always be abstract, never realistic. And that my players want "Movie-verse" reality, and that we are so well versed in that reality they we don't necessarily need complicated rules to emulate that. We can just use the Rule of Cool (That's cool so yeah, you can try it), and all be accepting of the ruling, and we remember that in an RPG, everyone is supposed to win.