As a player, i love it. Real risk = real fun. This formula, i've found in my 30+ years of gaming, has always worked out best. Nowadays, when a DM tells me that death is near impossible, I go running to another campaign. To me, it's like telling someone that you will be winning the game before it even begins, and who wants to play that?
In the last few years, especially, it has & is a really strange thing to run into such a large number of gamers that have never died, only ever retiring a character/s when the campaign/s has been retired.
Mighty Thoth has left his mental signature.