I just gave the PCs a Raise Dead scroll at 8th level and kind of wished i hadn't. For 500 gp, they have no fear of death now. The -1 penalty to rolls for a few encounters is a paltry penalty, and a difficult one for a DM to enforce if a player decides to "forget" it, or really does forget. Of course, they could always just pay an NPC to do the same thing, but at least then the whole raise dead thing was at least relegated to an outside source they had to hunt down. Now, it is completely in their hands.
What i'd like to change is the penalty to dying, so sure, it can be easy to come back, but there are some changes to your mind/body/soul that have a lasting effect.
I'm not talking about losing a level like in 3e, that was friggin demoralizing, and i don't want to really lose Ability scores because of the ripple effect.
Just a flat penalty. Maybe -5 permanent HP loss, or -5 to a Skill, player choice. Something to reflect you've come back different. And getting raised 10 times over the course of your life will have a dramatic effect on your character instead of something just hand waved "yeah, i died again, big deal..."
Or a story-based penalty for coming back, something died to the Death God in whatever campaign setting we use. I dunno.