It's not simply a question of random encounters, though. Take combat, for example. What should be the proper balance between player choices and randomness in determining the outcome of a combat? I'm sure that preferences would run the gamut between the completely random coin toss (or die roll, if you don't want an exactly 50-50 chance of winning or losing) and the almost completely choice-driven chess game. I'm more inclined toward the chess game end of the spectrum myself (because I believe that good player choices should almost certainly guarantee success. Almost), but I can see how more randomness might appeal to others.
While swingyness from random outcomes is always a factor, it is less so in some editions than others. That is a matter of choice for players and DM when determining what edition to play and what style of game they prefer.
I would never go for the coin toss method for determination since I like player choices to have an effect, but I also do not go for the chess style either (despite enjoying a challenging game of chess occasionally) in D&D. For me the level of randomness that I enjoy has to be risky, but influencable. Good decisions and planning by players can turn a bad situation into a major victory and likewise very bad choices combined with some bad breaks on the dice can make a good situation very ugly. (Players should always have their characters be willing to run away. Not all things they meet have to be beatable.)
Since my current campaign style doesn't have major plot arcs tied to specific characters it doesn't harm the campaign as a whole when a character dies. Compare that to my Ptolus campaign a few years ago where some plotlines would suffer from such a thing. It comes down to the style of campaign being played at the time.