By herself, Bloodtip is not too much a threat. It's the waves of Bloodtip Swarmer you need to be careful about. Though the adds have only 5 hp, they deliver a poison debuff that stacks and can really hurt if they're not dealt with ASAP.
Update: Now a rare elite due to the removal of http://www.wowdb.com/quests/30225-the-ashweb-matriarch in patch 5.4.
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