That and the image is really really hard to see in motion. The dark red on black is hard to read. Perhapse a lighter background? light gray or white even?
Anyway, from what i can see it looks good… people watching it would probably tell it was CG, but it might not really matter depending on what the mood of the film is. If Realism is your ultimate goal, you might want to consider using Blender’s composite system to place some live-action (turkey-baster-full-of-watered-down-ketphup-style) bullet hits. When you start using CG, even for something so deceptively simple as this, making it match well to the shot and making it look convincing is a really difficult thing to pull off, and can require rendering settings that can blow the render times out of the water.
Not trying to be a downer tho… really i’d just like to see it better if you get a chance, you might also want to check out just hand-animating some nearly solid colored blood. There’s a film “Zatoichi” that came out in 2006… All of the spraying blood effects were done with CG, and i believe most of them were done in 2D, just hand animated. Very effective, and even tho it’s sort of tellingly CG, it still looked and ‘felt’ really awesome to see a huge spray of blood from a sword slash.
Sorry, i make long posts.