In my upper 30s, at a time when my effective DPS was about 600, I found a weapon which gave a chance of causing bleed damage. The numbers seemed... underwhelming. Basically, it was some small chance to cause 1-5 damage for 5 seconds. Now +1-5 base damage might be OK, since it would be multiplied by all the percentage increases. But it doesn't sound like the bleed damage would get that increase, and so it seemed completely worthless.
So why does this affix even exist? Did I just happen to get a really low level of bleed damage compared with my DPS at the time? Does it ever reach a point where it is worthwhile as compared to other affixes that increase your base damage? Am I missing something else that causes this affix to be worthwhile?