I’ve seen many pieces that were crap and horribly done, and their owners knew it. Most of the regrets about tattoos are that it was done poorly or it was done impulsively. The tatooing FAQ which can be found here. I suggest those of you considering a new tattoo read the entire faq as it contains some VERY useful information, such as lits of artists, the way tattooing works, areas of placement, etc.
As for fading, if you use sunblock (a high SPF) over your tattoo, you can have it uncovered and still keep it nice. It’s a little tedious to keep applying it but if that’s a concern, don’t get it in a place a t-shirt and jeans (or even shorts) can’t cover. I wear jeans pretty much for most of the year, since it’s almost always fall like weather here.
Bleeding depends on how heavily covered your skin is (my newest bled more than my first and the bandage was pretty gory). When you get your tattoo, you will want to wear clothing that wont rub on your tattoo. That can irritate it and either rub the color out or rub off scabs (which can cause further fading).
I’ve noticed most women when getting significantly large pieces go for the lower back over their spine. I agree it’s a nice place for tattoos, and easily covered by clothing but it can be a touchy spot. The pain depends on your attitude as well as your tolerance. If you go in thinking it will hurt, it probably will hurt much more than if you went in thinking it wont be too bad.