I started out with Blood/Ele years ago back before it was popular. Back then, procs really sucked. Since coming back, I've found out they've been buffed to be able to crit and penetrate, leading to them being much more viable (now if they only would make Afflictions better).

While an Exsanquinate build might take better advantage of procs, I've found that Bloodshot spam does just fine with it and in many cases, outperforms straight passive damage boosts. Obviously, this doesn't work in the raid where they aren't affected by the buff circle, but for dungeons, it's been a lot of fun. With this build, I was hitting 2500-2600 on a test dummy without Afflict (so Bloodshot was doing less damage than it should) and no Exposed and using Arterial Pulse instead of Fortunate Strike (which would provide more DPS).

Actives:
Bloodline-- This will be your main way of proccing abilities. 4 shots a second multiplies the chance of proccing by a great deal.

Bloodshot-- Your main damage source. Spam them like there's no tomorrow.

Flame Strike-- Not a great ability, but matches nicely with Bloodshot resource wise and is a good filler between Fire Manifestations/

Cannibalize-- Extra resources for Bloodshot, plus a damage boost to your next one. More Bloodshots is always good.

Short Fuse-- Group buff. If someone in the party already has it, you can slot a utility ability here or even a Lightning Manifestation if you feel you can manage 2.

Fire Manifestation-- Great DoT that only costs 2 resources and give you a damage boost to all other attacks.

Elite-- Do or Die, Molten Earth, Plague... Go with whatever you feel like. Do or Die probably gives you the best bang for your buck, but can be dangerous to use in some fights. Molten Earth is a good back up if you don't need to impair everything. Plague is a decent opener, but after that takes too long to really cast.

Auxiliary-- You can use what you like. Personally, I prefer the Rocket Launcher with Pop Shot because in longer fights, on some rotations, I may find myself with 1 second left on Blood Offering and this is a good filler for that.

Passives:
Sudden Return-- Main penetration proc.

One in the Chamber-- Main crit proc.

Fortunate Strike-- This has a decent (34%ish) chance to proc off of Bloodline for massive damage.

Iron Maiden-- More pen = more pen proc (and damage overall)

Finish the Movement-- More resources for Bloodshot Spam.

Twist The Knife/Brawler-- This depends on the situation. Twist the Knife is my personal choice for most fights. Lethality may give 1% extra damage, but takes too long to build. Brawler is also a good choice in a short fight if you know you're going to down the boss during the buff phase as you will critting a LOT.

Seal the Deal-- This is hands down the best Elite for this build. 15% extra damage and 5% crit is just too good. I did a lot of testing and while Thunderstruck can give it a run for it's money, StD comes out on top. I also tried Rapid Getaway for the extra 5% crit, but it just couldn't keep up.

Glyphing:

This build does not use EF. It's probably the only one in the game that doesn't. Due to that, crit power doesn't really help much as you need to focus on getting as much crit chance as possible after pen and hit needs are met. You should be getting ~900 pen, 650 hit and put the rest into crit rating. With my current 10.5/10.4 glyphs not fully maxed, I'm sitting at 20% crit chance base, 25% on my consumers and 26.5% on Bloodshot with Brutal augment). Add in a couple of stims/kickback to increase crit rating even higher and you'll be hitting over 30%.... possibly more if you fully augment Bloodshot with Brutal. Then add into Deadly Aim and we're looking at 70-75% crit chance.

Rotation-- I'm going to leave out the Elites. Plague you start a fight with, Molten Earth and Do or Die are both instants, so you can pop them in whenever you feel like it. The rotation is a bit complicated, especially if you're using Ambrosia. You have to keep in mind any abilities you might have to compensate for the 7 second rotation against 8 seconds of Blood Offering (auxiliary attacks, cannibalize, even Plague if you don't mind losing .5 seconds, etc).

Rotation 1:
Bloodshot
Bloodline x 2
Fire Manifestation
Bloodshot x 2
Short Fuse
Cannibalize
Bloodshot x 2
Ambrosia
Bloodshot x 2
Bloodline x 2
Flamestrike
Bloodshot x2

Rotation 2:
Bloodshot x 2
Bloodline x 2
Fire Manifestation
Bloodshot x 2
Pop Shot
Blood Shot
Bloodline x 2
Flame Strike
Blood Shot x 2
Wait 1 second
Bloodshot

Rotation 3
Bloodline x 2
Fire Manifestation
Bloodshot x 2
Cannibalize
Bloodshot x 2
Bloodline x 2
Flame Strike
Bloodshot x 2
Pop Shot
Bloodshot