OK, but let's take a step further back and divorce the individual characters from the players...and show how individual PCs can still be expendable even in a very story-based game:
If I as DM am telling a story, or if the players are building one on their own, or both, it's the *players* (including, here, me as DM) to whom the story is being told and-or by whom the story is being crafted. The characters, and more importantly the party as a whole, are either way merely the transitory vehicle through which the story is presented.
So, that said, it really matters not whether any particular character survives, as long as the player is still there. An example of such is my experience playing 3e's
Forge of Fury - I went through 4 or 5 characters in that thing but
I as player was still around at the end and got to see how the story came out.
One might almost say that adventures (the S+S part) are written for characters and stories (the HF part) are written for/by players. And only a TPK can end the story prematurely, and maybe not even then if someone's got a backup character or two waiting in town.
Lan-"some stories, however, go on long after they really should have ended"-efan