That happens an awful lot, depends how tight the referees will be on it at international level - I remember against Sunderland on Kenwyn Jones, it was almost beyond a joke how much he got away with it.
If he were to play at the WC I've no doubt he'll give a penalty away for that exact offence. I'd call it a liability.
But as you said, at times he can be a good, quality defender. Just needs to sort that aspect of his game out imo.
Edit: Oh, and - Congratulations to Baines, I would personally (as an Everton follower or as a neutral) pick him above Bridge anyway. At least he's in the squad for whatever other reasons there may have been, I hope he gets some game time - make 18 and then much more caps!