My experience with bloom elsewhere (FarCry, EQII) is that it is an effect that makes bright lightsources "bleed" and glow over adjacent darker objects the way they do with eyes looking at a natural scene.  Glare.  A light source like a sun or streetlamp partially occluded by the dark edge of a building in shadow, where the bloom bleeds over the dark edge and isn't just chopped off.

The image presented with highest bloom settings just seems washed out (higher gamma overall) and yeah, a blur with loss of texture detail.  I don't see this as desirable.  At least the low setting (upper right, low with filter) seems to mainly accent the glowing weapons (bloom) and suggest haze and reflection to the palm and distant cliffs.  Probably that's where I would set it.