I'll come out and say what a couple others have hinted at.
No, it's not acceptable to hide a PC's hitpoints from the player.
I don't think it's ever a good idea. I'm a strong believer in rules transparency, and my experiences are that hiding information from players about their own characters is almost always going to be a bad experience for someone at the table, if not everyone.
Unless
There are exceptions, but they involve complete agreement of all involved.
For the GM, it means a LOT of extra work. It's not just book-keeping, either, tho that's significant, too.
For the players, it means not having good clues as to when it's time to run from a fight. If the GM doesn't give EXCELLENT feedback on current states, then it's very much the same effect as Hansen's Disease (Leprosy) or significant neuropathy - they lack tactile sensation of an adequate nature, and so often injure themselves without realizing they have done so.
Pros and Cons
Pros:
- It allows a GM to hide continuing damage from undetected poisons and parasites
- It allows a GM to misrepresent a hit as worse than it is when fudging in the players favor †
- It allows the GM to misrepresent a hit as milder than it is when fudgin against the player †
- It reduces player involvement in the mechanics ‡
- It allows the GM to simulate hallucinations
- It can reduce reduce metagaming (could you really tell the difference between 21/50 and 20/50?).
Cons:
- It allows a GM to misrepresent a hit as worse than it is when fudging in the players favor †
- It allows the GM to misrepresent a hit as milder than it is when fudgin against the player †
- It increases book-keeping
- It increases GM feedback needed
- It decreases apparent speed of play to the players as the GM does all the math behind the screen
- It usually requires a GM using a screen or a GM sitting apart from the players.
- It reduces player involvement in the mechanics ‡
† Generally, Fudging is bad. It means you have misjudged your players' and their characters' abilities. Many consider it cheating. Some consider it to be a sign of an untrustworthy GM. Others consider it to be the ultimate sign of a trustworthy GM. I consider it the sign of a careless one, myself.
‡ This is arguable as either good or bad by point of view. Hence in both. It's a hot button issue, tho'.