Its a taste thing, or possibly even a generational thing. One of the things which made UO the greatest MMO ever was that when you died your body could be looted. It actually made you fear for your character when out in the wild, death had substantial meaning. It wasnt just a case of using dying as a quick way to travel somewhere, like it is in so many "modern" MMOs.
One of the things I miss from the UO days is the feeling I got from being worried about my character dying, whereas today I die in an MMO and I think..so? who cares...oh I died, big deal.
I do think though thats its very much a taste/generational thing. Newer MMO'ers dont like it, older MMO'ers are more likely to. Its just one of those things which newer MMO'ers cant understand, a bit like how you tell a newer MMO'er that UO was the greatest MMO ever, yet it didnt have a single quest in it. They stare at you in disbelief , not understanding how an MMO without even 1 quest can possibly be good