Jester David
Hero
I was describing the extremes, establishing the limits of the arguments.I agree with all the rest of your post, but I focus on this which is the part I don't agree with.
The reason why I disagree is that "no death" does not equal "invincible", as there are other outcomes possible to combat and other dangers. I could totally run/play a game of D&D where a PC cannot die (unless the player agrees) but that doesn't mean that dropping to 0 hp or failing a SoD roll will be ignored or irrelevant. Instead of dying, a single PC will be presumably out of order at least for the rest of the encounter, and possibly longer, perhaps with a long-term penalty that they have to find a "cure" for. A TPK would definitely equal to losing the battle, but could be replaced with being captured, or just left behind maimed and robbed of all possessions. By all means, "dying" or losing the battle would be affecting the story, and as such it's still worth playing it!
Yeah, of course you can punish in other ways. You can run a game without death, or even a middle ground game with rare death when appropriate or motivated by player/character stupidity. But you can also run a game with SoD effects and deadly monsters and, due to luck or skill never have a player drop and avoid a PC treadmill.