In the campaign that I run, you can realistically expect to see heroes with six arrows in their chest, their plate mail torn to ribbons by monsters that do that sort of thing, and have the heroes still fighting bravely.
I put it down to positive energy saturation. Y'see, by the time you've leveled a little, you've probably been healed a lot by clerics; or if you haven't, you're pumping magic through your body or having someone else do it nearby. And there's a mystical buildup. Basically, your body has become used to positive energy, and figured out how to generate it (or retain it from the surroundings) on a cellular level. So when you get a sword through the neck, your body goes, "Ooh, better spend a little PE and make the flesh tougher, or reroute some veins around the impact site, or...". So instead of decapitation, you take 6 of 80hp damage, the sword barely breaks the skin, and you don't bleed to death. And arrows and bullets practically bounce off, or lodge in subcutaneous fat, or impact on magical bone which absorbs most of the impact.
At the same time, positive energy is required in larger and larger amounts to actually heal wounds rather than reduce them, because your body's become more adept at distributing the energy away from those wounds. Which is why you have spells that heal a bajillion times more damage than normal humans could ever take - they're not for normal humans. They're for adventurers.
Now, a key part of this argument is the fact that PCs become larger than life, magical beings that can do the utterly impossible. But how many of them are going to be human even in the beginning? I shouldn't think that'd matter much.
Other'n that, I'd go VP/WP if I didn't want to stick to traditional D&D.