With all due respect to all the raises I've gotten over the years, I always thought it'd be pretty awesome if getting back into the action isn't limited to a raising class (who generally has their hands full if I'm dead to start with) or I anticipate my death via some form of reraise. Oh, and it'd be nice not to be gimped too hard when I'm coming back for Round 2.
After playing through XIII, I've become more of an advocate of dying being a more frequent occurrence so long as it's balanced by an easier form to get up from the dirt nap. The death penalty in such a scenario would be a balancing issue but nothing that hasn't been debated to the death and exhausted mainstream creativity in other MMOs (I'd personally like the route where xp penalty restoration and being alive to fight again are two independent components when it comes to 'raising', to not de-value a xp restoring raise mechanism versus over-abundance of reviving options, but hey, I'm just one voice).
Lastly, if 'Phoenix Down' was to exist and dying does happen frequently... not too expensive, please! :)