I had one applied for surgery due to a severed tendon <img src="images/graemlins/frown.gif" alt="" />. The doctor applied it for about an hour to minimize blood loss and to have good sight. He stated that it was close to the maximum time they would leave it applied. Note that this was done in an operation room and not stop the primary bleeding (the cut was shallow and only 1/2 " long and stopped bleeding by itself).
I know some paramedics and emergency doctors. None of them applied a tourniquet on an accident scene.
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If it isn´t broken, it doesn´t have enough features yet.