I run what I like to think of as a low to mid-magic game, yet one without altering the classes or spells overly much. How might this be done, you say?
By allowing the PC's to be the earth-shatterers, the giants amongst men, the miracle-workers and heroes (or anti-heroes) they should be. It's not the PC's I screw around with, so much as the world they live in. They're the exception, not the rule. Which means, in relation to handling the raising and resurrection of the dead:
If the PC's can't do it themselves, then they'll have a particularly hard time trying to find someone who can. As such, if the party lacks a 9th level cleric, death is a big deal, and if they get hit with a death effect, it becomes a bigger deal. It either allows for a death that actually means something, as opposed to a mere inconvenience, or it allows the characters to come off as truly heroic and special when, miracle of miracles, they breath life back into the dead, a feat few are capable of.
Of course, there are those figures who are simply powerful beyond compare as well, antagonists few could hope to stand up to, foul monsters that dwell in places where men fear to go, and all manners of horrors which are nigh unstoppable by all but the most stalwart of champions, so the characters do have challenges worthy of their level when most of the world around them caps out at 5th level. Keeping the world at large as fairly low-magic, low-level, while reserving true power for the PC's, and the challenges they face, helps to get rid of some problems, such as dying just being another inconvenience. Even if the PC's can whip out a True Resurrection like it weren't no thang, then at least it's in the PC's hands, and therefore, something special in light of the fact that there are very few else in the world who could hope to do that, and others will recognize that fact - possibly looking to the individual as a saint, or as someone that really needs to die, die, die.
Of course, if you prefer running a bearings to the wall high fantasy game, where a 9th or 17th level priest is readily accessible to the people, or commonplace, maybe that's not the route to go. But that's the route I go, and thus far, it's worked fairly well for me.