I think the Rat Bastard is not about killing PCs, but putting them in highly ucnomfortble positions- morally, socally maybe physically.
The campaign I play in - we are somewhere in between. I am sure the plot and character development are central, but we also play in a setting where only very few priests have access to Raise or Rez. We have had few character deaths.
I enjoy the "you might die" edge plus the "no-Raise/Rez".
I would also find a "PC death a session" boring and too videogamish.
As a DM character death usualy puts a major kink in the plot-line.
It is hard enough doing the session 1 - get the characters together w/o trying to figure out how Jake's new character meets up w/ the party and fits in.