It will vary based on the GM, but personally I have more fun when the encounter drops to a color spray or a sleep than I enjoy killing players.
Close fights where the party get through but it's hard fought and there is some cost (expendibles used, maybe a raise deadsdead bought at higher levels) but you need the party to stomp through some encoubters as contrast to make those moments shine. The ones that end up being close tend not be as easily ended by one spell.