Why this build
How the build works
This Subtlety Rogue build front-loads every fight. Premeditation adds 2 Combo Points before you attack, and Initiative gives Garrote, Cheap Shot and Ambush a 100% chance to add an extra one. Open with Premeditation into Garrote and you start the fight with 4 Combo Points, enough for an early Slice and Dice.
Ghostly Strike is your second builder: 125% weapon damage (180% with a main-hand dagger) and 15% dodge for 7 seconds. Setup adds a Combo Point every time you dodge, so the two work together. Opportunity adds 10% to Garrote, Backstab and Ambush.
The bleed half comes from Serrated Blades: your attacks ignore 9% of armor and Rupture deals 30% more. Hemorrhage, the level-30 point, hits for 100% weapon damage (145% with a dagger) and makes the target take 15% more Rupture damage from you. Elusiveness takes 90 seconds off Vanish and Blind, so you get a second opener more often. Dirty Tricks halves the cost of Sap and Blind. Master of Deception makes you harder to spot while you pick your fights.
Leveling tips
Master of Deception and Opportunity open the tree because questing rogues spend a lot of time in Stealth. Ghostly Strike at 20 is the first big jump in damage. Serrated Blades comes before Premeditation so Hemorrhage is ready the moment you hit 30. Icy Veins recommends taking it as early as possible.
Before 30, Sinister Strike fills the builder slot. Solo, you can win most fights in the opener. In dungeons, the bleed build is the better choice over the Ambush build, because without Cutthroat you only get one Ambush per fight.
Changes in WoW Forever
Hemorrhage now boosts Rupture, which makes bleeds a real Subtlety plan. Dirty Tricks replaces Improved Sap. Cutthroat (Backstab can enable Ambush without Stealth) and Thousand Cuts (Rupture ticks make Hemorrhage and Backstab cheaper) are new, but both sit deeper than level 30 allows. Sap no longer breaks your Stealth. Talent text here is from client build 70630; later hotfixes may adjust numbers.
Toward level 60
The bleed plan runs about 12/8/31: Preparation, Dirty Deeds, Quietus and Thousand Cuts in Subtlety, with Malice and Ruthlessness from Assassination. An Ambush and Cutthroat build around 10/11/30 competes with it. Both are on paper so far, so treat them as provisional.