It's impressive that my favorite spirit of the set somehow isn't Hearth-Vigil, but the flavor/mechanics meshing of Wounded Waters Bleeding at every single level is just too powerful a draw for me.
A lot of spirits are built around the conceptual meanings of the elements they play. Sharp Fangs Behind The Leaves is the natural world of beasts at its most aggressive, so it blends Plant, Animal, and Fire together. Bringer of Dreams and Nightmares exists almost entirely in the mind of dreamers, and so uses Moon, Air, and Animal. Vital Strength of the Earth is slow to the point of inaction but sports incredible power, so it uses Sun, Earth, and Plant. And so on, and so forth.
Most of the time where the devs have to come up with a new spirit, they look through the existing powers to find elements that match the spirit's portfolio, to ensure whatever the gameplan of that spirit is doesn't run too counter to their preferred power draws. For Wounded Waters Bleeding, they looked at Water/Animal powers, and if you want to see a good highlight of the disparity there, I suggest scrolling back until you see the new majors introduced in this set. Specifically, Inspire The Release Of Stolen Lands and Plague Ships Sail To Distant Ports. There is a drastic difference of approach there, but both powers undeniably carry Water and Animal in their set, and for good reason both.
So for Wounded Waters Bleeding, they strove to highlight that almost paradoxical disparity. This is a spirit that used to be Peace-Waters, a small brook equivalent to Erana's Peace from the Quest For Glory series; a place of safety where you may rest, but not stay, and partake of the water freely. Even the Invaders knew they were somewhere they should respect and abided by the rules. Except afterwards, they went upstream. And there they built tanneries and slaughterhouses. And all the runoff from those places ended up almost killing Peace-Waters, forcing it to reconcile its new nature on a fundamental level. As such, it starts out with a drastically limited kit and some painful upkeep with destroying Presence
every turn.
To drive this danger period home, Wounded Waters Bleeding can eventually "heal" to a full-strength spirit once more, codifying its nature in a way that looks extremely like Trials of Mana's class-change system but thats cool I love that system. Effectively, you lean towards either Water or Animal in your healing path, representing whether you try to hold to the old ways of Peace-Waters, or take up the mantle of vengeance for all the blood spilled, literally, into you. If you start early on focusing on Animal, you branch from your default skillset of light control to also get some damage, borrowing from the skillsets of Sharp Fangs Behind The Leaves and Thunderspeaker.
Should you instead maintain the focus on Water, your control game gets more codified and incentivizes Gather abilities with powerful downgrade effects. Both healing cards here are still about getting extra benefit from moving pieces, which is a key component of both Animal and Water powers. If you heal into Serene Waters Bleeding (note how the healing cards can change the spirit's name) you have a more peaceful and long-lasting effect on the Invaders in your lands, but are also more restricted in how you can affect them compared to Roiling Waters Bleeding.
After claiming your second healing card, you not only avoid the constant destruction of Presence, but also swap out one of your two innate powers for an extra-spicy fast innate that rewards focusing more on one element than the other. Naturally, you can go with any combo of stage 1 and stage 2 healing cards here, so you can either play Roiling Waters Taste of Ruin for easy and deadly token-focused damage, or Serene Waters Taste of Ruin to play a more insidious game of softening up the Invaders by weakening them in your lands, then finishing them off with more damage (or the other way around, your call).
Note that all combos are very much built to be viable, even if you have to swap elements along the way. However, like Starlight Seeks Its Form, you may want to consider the rest of the game you're playing before committing to one path or another. In the first game I tried, I initially wanted to go for Roiling Waters Renew (and look at this power, can you blame me). Then I remembered that I was in a two-player game with Towering Roots of the Jungle and realized that if anyone was gonna do damage here, it was gonna be me, so Roiling Waters Taste of Ruin it was. With your free Water/Animal element each spirit phase, you have plenty of room to shift the build you're aiming for as you go, unless your power card draws are extremely hostile to you.
Moving on to the actual power cards for Wounded Waters Bleeding, they do have a special rule for a few of their starting powers that require them to target FROM Blighted lands. This can make teaming up with aggressively-healing spirits a little trickier since you kind of need that Blight around, but it's less overwhelming than it would be for, say, Vengeance As A Burning Plague. Simple reason, really: you ARE pressured to forget power cards as you go. So if your team's kit and playstyle leans towards healing the land, heal with them and ditch these cards as you pick up new ones, no big deal.
But still, you do want to have some Blight hanging around, because damn these effects are NICE. Strong movement and token generation is a very tasty kit indeed.
Naturally, your boon power goes full edgelord and lets your allies channel the same pain you're feeling, complete with a cost to their presence. You all know the drill by now: use this on spirits that have the ability to restore destroyed Presence for maximum efficacy, but don't disregard the power a fast 2 damage can do to help a spirit that was already gonna lose that Presence during Ravage anyway.
You might think that being forced to gather both pieces here from a single land would be a drawback, and you'd mostly be right. Then you realize that you're still pulling two Towns at fast speed, which is an excellent way to shutter a Build that would otherwise output a City.