As far as blood in matches goes, I'm indifferent on the subject. Do I like seeing blood in a match? Yes I do, but it doesn't mean I want blood in every match(hell, even the most hardcore of (original) ECW fans would eventually get tired of blood).
Some good points have been made throughout this thread. Blood does intensify the rivalry, adds a sense of realism, and, depending on the match, can make the match more exciting.
But you also have to look at it from Vince's perspective. People these days will sue someone for the most ridiculous things, so it makes sense that Vince would want to avoid a potential lawsuit.
I doubt allowing the blood would have affected Linda's campaign(although I wouldn't put it past a politician to use it as fuel to hurt Linda's chances)because her opponents have more conductive lightning rods(Katie Vick, Vince sedating Linda & making out w/Trish, Austin/Pillman(Pillman's got a gun!), the Kiss-My-Ass Club, etc.).
Now from a fan's perspective. Cena getting busted open really got me into the match. I'll admit, I wasn't exactly happy when they stopped mid-match to close the cut(which I don't think was very serious), but like I said, if I was Vince, I would try to avoid the potential lawsuit, since it was planned for Orton and Cena to fight in the crowd.
However Lord Sidious does have a point in saying that Vince could have had the crowd spot scrapped in favor of the blood. You avoid the potential lawsuit while keeping the match's pace constant. But Vince is trying to avoid having blood because of the PG rating and also his target audience(children 12 and under). However, the PG rating doesn't apply to PPV.
Anyway, like other have stated in this thread, people are making too big of a deal of the whole situation. You have people who have a bloodthirst equivalent to an ancient Roman, as well as people who think bloodshed is oh so barbaric.
Blood is necessary in some matches(Hell ina Cell, Elimination Chamber, Last Man Standing, etc), but it doesn't need to become common simply because it will lose its effect if it does.
In this case, blood would have worked perfectly for this match, since it was no DQ, no count-out, anything goes. It was the final showdown, so to speak, so it would have worked.