Yes, it is. I suppose there are many of ways one could represent damage in a similar manner; various visual cues such as colours washing out, a dimming screen, incrementally reddening screen and audio cues such as the character's heartbeat, pulse, and breath. (Actually I believe I've seen some of these elements implemented in a number of FPSs as secondary aides to a life guage.)
I'm not sure more visceral interfaces are necessarily better though. Like you were saying, indefinite guages are problematic.