Yea I agree with Xessive about health bars. If I'm given a fixed health bar that just replenishes with health packs or power ups, I scrounge for them. I save and load a lot more, because of the fear of running low on health at some later point and not finding a health pack once I get to that point. I do the same thing with ammo though, using save and load a lot.
Halo 1 did it nice, and I think Halo 2 was pretty much the same (haven't played H3 yet). You have a shield that goes down when you take damage, and recharges after a period of no damage. BUT, if you take enough damage to deplete your shield, you start taking actual damage, which doesn't come back on it's own (or at all? I don't remember).
My 2 biggest issues with console FPS though (since the video covered them), are controls and visibility. Controls are obvious, but I think they can be made acceptable, and have by Halo for example. They just feel so bad in most console FPS though.
The other issue is visibility. Maybe it's different on an HDTV with a 360 or PS3, but I'm still living off my original Xbox and Gamecube, with a 19" analog TV. I'm toying around with the Conker multiplayer bot matches on my Xbox and there's entirely too much shit on the screen so I don't know what's going on. Everyone has a name over their head, and it's huge just so it can be readable. The HUD feels like playing a CP FPS at 320x200 in a game with a fixed pixel size for the overlay. Or maybe this is just a problem with Conker, it's been a while since I've played most of my console games.