Hey, it's yet another PC Death thread!
No death, no risk, no fun. For me, anyways. Yeah, the availability of Raise Dead cuts into the risk and the tension, but removing those spells altogether just irritates me. As do GMs who won't kill me no matter what I do. As noted by someone else, my experience has shown that those are the same guys who absolutely WILL NOT tolerate any deviation from their scripts. (your milage may vary.)
Raise Dead should come with a cost, and it does. It should also be more difficult to obtain than simply walking up to your local Walmart and slapping down a small fortune. Archbishop Fezzlewinkle may have better things to do than raise some yokel and it might take a bit of effort to convince him otherwise.
Also, remember the time limit. I have seen PCs not be able to be raised if only because of that. They couldn't get to a high enough level cleric *of the right religion* in time. There have also been times where 'gee sorry' it's just not available due to in-game circumstances, such as wars and major events ("sorry, we're too busy raising the Duke's men").