In it's current form Ironflesh is utterly useless, you gain way more advantages by converting the extra skillpoints or putting them in a secondary skill, like power throw. This has already been discussed
in this topic but I doubt the devs read the general discussion section considering the massive ammount of spam/whining threads over there.
From my perspective there are 2 ways Ironflesh can be fixed: either increase it's HP bonus, I think +3 HP/IF point would be a fair amount, either make it increase armor instead of HP (it's called IRONflesh after all), +1 armor/IF point would be fair. Ironflesh was somewhat useful for plate-wearers pre-patch, with all the damage reduction but now nobody wears plate anymore so a change is in order.