I would hazard that I'd feel the same way as you (as a player) in the case where another PC dies in an undramatic way. We've had a tendency to tease players who get their PCs killed through stupid actions they could have avoided. Dramatic, interesting death... sure, it sucks, but that's okay in my book. After all, it's a risky business, adventuring is.
Many of my characters have been messed up bad by the death of other PCs, though, and a few times my own PCs' death has caused a strong reaction from other PCs.
There was the case in Return to the Temple of Elemental Evil where my Halfling Rogue/Ranger PC, the Human Cleric, and the Dwarf Fighter were very closely bonded (they'd been adventuring since level 2, when we started- I know, low for the adventure). They began to become desensitised to the death of their comrades, as there was such a high rate of PC turn-over amongst the other two players. It almost became annoying in the end, as we rolled our eyes each time we conveniently found some new hapless adventurer.
Eventually, my PC fell to a death effect, then animated as a wight to attack the group. I remember the look on everyone's faces when she fell in battle initially, and later when the Dwarf "subdued" her with his axe. It was a great moment when she finally got resurrected, and we still talk about "Zombie Zenith" from time to time.
So, I guess I'm trying to say that dramatic death is ok, and death by stupidity can be ok (but annoying). While PC death does take a little wind out of everyone's sails, it can be very memorable. The life and death of these facsimilies of real people and personalities can serve as a reminder of our own mortality.