The default mech-representation damage readout is fine for starting out, and provides a quick reference for where you're getting hit, sure. But the problem is that the colors are incredibly vague about just how much damage you're taking, which is an especially large problem with Assaults. If I step into enemy fire, I need to know how quickly I'm taking damage, and how much. Is that yellow outline telling me I just got my paint scratched? Or did I just lose a quarter of my armor in one salvo?
It used to be in earlier mechwarrior games that you could toggle between layout-oriented damage readouts, and bar-oriented damage readouts. I propose that MWO would benefit from a similar feature, giving the oppertunity for clearer feedback on just how much damage you're taking in a fight.

See how clear that is? Left arm gone, left front torso armor stripped. center torso doing fine. Under the yellow/orange/red system, all this would be far less obvious, at least to me.
In any event, since the game has to track these values regardless, and bar graphs are fairly modest in terms of artistic investment, I think it's a small tweak that could benefit gameplay greatly.