Here are my proposed rules for classic style Dungeons & Dragons using the 4th Edition rules:
1. All player character hit points are reduced by 50%.
2. All monster hit points are reduced by 75%.
3. An "elite" monster is a monster with a name. It has twice as many hit points as a standard monster. Within the context of the game world, this represents the luck and divine protection enjoyed by the monster. All player characters are the equivalent of "elite" monsters. "Solo" monsters are defined by their racial type, such as dragon. Solo monsters have twice the hit points of a standard monster. A creature which does not default to being a "solo" monster can never be a "solo" monster. An "elite solo" has four times the hit points of a standard monster.
4. A saving throw requires a roll of 15+ to succeed. For every 2 levels gained, characters add +1 to their saving throws.
5. Healing surges may only be used if the character has a power or item that permits the use of the healing surge. Once per Day, a character may use his Second Wind (Second Wind is effectively a daily power that all characters have). Characters regain their healing surges and daily powers after an extended rest, but do not regain any hit points from an extended rest.
For instance, Kindrok the Half-Giant Arena Fighter (Level 1) has 28 hit points in 4E. In 4E Classic, he has 14 hit points. His base attack, +8 vs. AC for 1d10+5 damage, does not change, nor does his AC 17. Once per day he can use a healing surge through Second Wind, rather than once per encounter. Note that a 1st level barbarian with 13 Con would have between 9 and 13 hit points at level 1 in older editions of D&D.
Assume Kindrok faces an Orc Raider (Level 3). The Orc Raider's 46 hit points are reduced down to 11 hit points. The Orc Raider's base attack is still +8 vs. AC for 1d12 +3, and its AC remains 17. Note that a 3HD humanoid would have about 12 to 14 hit points in older editions of D&D.
In standard 4E, Kindrok would hit 55% of the time, inflicting 10.5 damage per attack, so it would take 8 rounds to kill the Orc Raider. In 4E classic, Kindrok would take only 2 rounds to kill the Orc Raider. Conversely, during this time he would take an estimated 10.4 damage out of 14hp. In standard 4E, he would take 41.8hp out of 28. However, after the fight, in standard 4E, Kindrok could rest and recover all his hit points, whereas in 4E classic, Kindrok could recover just 3hp.
In other words, 4E Classic achieves the following results:
1. It greatly shortens fights
2. It decreases the "safety buffer" for characters against criticals and strong attacks, making each fight potentially more dangerous
3. It allows the PCs to face more numerous enemies, without the DM resorting to the use of Minions
4. It decreases the rate of healing, while increasing its rarity, making the decision to press on, or retreat, more strategic
5. It makes save-or-die effects more powerful against weak foes, and less powerful against strong foes, as they were in Classic D&D [but not, it should be noted, as in 3.5, where save-or-die effects actually got increasingly more powerful over time]
6. It overall fairly closely approximates Classic D&D combat.