What do we mean when we say it today?
This phrase is so popular, it shows up in everything from Harry Potter and the Prisoner of Azkaban to tweets about the Oscars. Nowadays, we've changed the meaning of the phrase to cut out the mean side of it.
There's no more hostility or lowering yourself for this one, because it means someone is anxiously waiting. It's like holding your breath to hear some exciting news. You might even find a few misspellings out there. "Bated breath" has no "i" yet all the time we run in to this one as "baited" like bait on a fishing pole. So don't get baited by using the wrong spelling of Shakespeare's phrase.