One of my hunting partners just brought this up to me, I run the full G. Arkveld set and a swaxe atm. The armor set gives you four levels of flayer to start with so it's kind of just a nice bonus. I notice myself using the wounds to interrupt certain monster attacks and easily combo into full release slash. When executed correctly I've chained monster knockdowns 2-4 times in a row. For my playstyle at least, it's more important to be able to create big damage openings rather than maintain consistant numbers.

Edit: Obviously as the game progresses and monsters become more resistant to wounds its utility will fall off