The problem with comparing a rule set in PnP to a PC game is that with a table of gamers the DM can guage the reactions of the players, pull punches or just add a little more dammage to that fire ball depending on who is targeted.
I've found simply relying on dice rolls to portray combat and letting whatever happens stick has never added to the experience ( and ussualy caused me problems with plots ect ).
To the folks who scream for more "hardcore" from thier game I would say your focus for more authenticity is possibly in the wrong area of the game.
I would vote
no, but the suggestion of having death spells place you at negative hit points is a sterling suggestion and would facilitate capture/hostage senarios, where as being dead completely with the villan or heros being unable to alter the outcome is not adding to the game in my opinion.