Mr. Collins, your response gets my vote for Best Post of the Week. Succinct and well-reasoned, with a reference example of how well-managed bleed actually sounds.
Of course, the key phase is "
so long as you know what you're doing". For most of us hackers, we're probably better off leaning toward dry isolation. The challenge with bleed is you only get one shot at getting it right; it can't be removed later!