I get the impression that some people have a very different concept of "Options, not Restrictions" than I have.
For me, it means that when I have a general idea about a character (player perspective) or a adventure (DM perspective), I can whip out the rulebooks and find something that does what I want.
If my next character concept happens to be "I want to play someone that can kill people with a wink of his finger", the rulebook should give me an option to do this. But I wouldn't expect it to be a spell like Finger of Death, it might just be Scorching Ray or a Warlocks Eldritch Blast, possibly with the serial numbers (read: flavour description) filed off. I'd be perfectly happy with it.
Few people will whip out the rulebook and wonder if there is Save-Or-Die Mechanic. That's usually not how you approach creating a character or an adventure.
If I look for a particulary frightening NPC, I look for an ability that looks nasty. FInger of Death certainly is. But an ability that steals a character's soul, or causing his body to slowly rot away is pretty nasty, too. As is a extremely competent sword master.
Massive amounts of damage can replicate Save or Die, too (even if it is a "be hit and die"). Though I'd prefer if this wouldn't happen, and I hope that even with spell criticals in 4th edition, this will rarely happen.
A nice side effect of losing save or die effects will also probably be that Raise Dead will become less important to the game. And that's also a good thing for me, and I think it's probably also nice for those that preferred the Save or Die spells.