How many times has Bloodlust saved you?
Let me ask you a counter question, how many times have you been pissed when the enemy AoE clears your board while trying to set up that blood lust then blood lust becomes useless?
It may save you a few times against decks that ignore your board and hit your face. However, most of the times good players will fight you tooth and nail for board control, so you get very little value from it.
Unless you are running a token deck like Violet Teacher, you will be better off replace it with a creature.
If you don't have creatures on the board, it's a dead card.
That said, I do run a single windfury because generally the burst from wf/leeroy or from a fire ele they can't take care of is much easier to play (along with some rockbiters) than a bloodlust on a full board.
Shaman has amazing burst out of the hand. Don't see why you'd prefer it from bloodlust.
There are a few notable exceptions, of course--bloodlust is great against a paladin who hasn't been able to clear you yet, or a druid that hasn't ramped, or a baddy who ignores your board and goes face. But I think those are exceptions to the rule. Most players know you cannot afford to ignore a shaman's board because of the bloodlust/flametongue/wf threats he might have.
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