Like anything else, it is a matter of how far PC death is taken, and whether it is punitive in the hands of the DM, random, or avoided. Each table is going to be different. As a player, it is a good discussion to have with your DM in reference to preferences. When I first started off as a DM, I did use it as a punitive measure for the party acting stupid in my mind, or as a way to get back at the players for smart play. I then progressed to viewing it as a random thing, and as long as I was honest as a DM to let the dice determine the outcome then I was satisfied with the results. More recently I see a character death as road block in the story. As DM I have a stop in play to deel with and try to keep the character alive as much as possible. I still don't go to the lengths of a 'care bear' DM to avoid death completely.