Yea, it's a 1/1, but it's got lifelink, and it's got the potential to be a 4/1 for five. And the upgrade has the potential to be an 8/1. (Think of bloodlust like a mix of vulture and adrenaline). Brutal when combined with fire or death, or other kill intensive elements, and it destroys spam decks, meaning FFQs and Aflotoxin are toast, but it has it's weakness against elements like earth and aether, where the creatures are tough/impossible to kill. Plus Bloodlust fits with the whole vampire theme.
Whaddaya think?
EDIT: Gotta fix the pictures, gonna change the minor vampires cost to the cost of the current minor vampire. 3 I think?