OK,
As this is a "what is the one thing you would change" area. I would like to see a sidebar rule/chart set up for three levels of play. They can be set up in a method similar to the three levels of XP progression and will set the pace and tone at the start for the campaign.
Basically you would have an Easy/Safe level, a normal level, and a hardcore/"God I hope I don't role a 1" level.
The basis of the chart would have effects listed such as Death, Sleep, Hold/paralysis, Level Drain, etc. Then you would list the effects powers for each level of play. Below are some examples.
Death Effect - Save or take X damage / Save or at 0 HP / Save or Die
Level Drain - Save or lose level for X time/ Save or lose level with another save in 24 hrs / Lose level with a save in 24 hrs.
Hold - Save or Slow then save or held (any save ends)/ Save or held with new save every round / save or Held for duration of effect.
Sleep would be very similar to hold
I know this could be house ruled, and you can certainly add more effects. But I am a fan of the older levels of lethality in the game. (As well as having access to resurrection magic at higher levels where save or die is more common.)
I also find it fun just to hang out with friends and enjoy the game. If your character dies, you get a chance to role up a new one and explore the game in other ways. It is not required that your character is always present and always "winning" the game IMHO. I will stop there before this turns into a debate on the "Best" way to play the game as everyone has their own ideas on what is or is not fun. :)