Here goes the dreamer in me:
What I would love to see is a game where in most situations, "Death" simply set you onto a different storyline: Get beaten by orcs, and you become a prisoner of thiers, now you either cooperate, and try to get promoted out of slavery, try to escape, or fight back, and actually do die. The dragon you fight woln't kill you unless you have reached a certain level of power, but it will take anything "shiny" (coins, gems, and anything else that the game has marked). Vampires woln't kill you, but they make you a charmed slave (same as the orcs, but you can't fight back). Get blown up by pirates? Nope: you have an automatic escape pod. However, you now better hope you can get away from them safely, or negotiate your release, or whatever.
Basically, you get another chance. In fact, you get as many chances as you want. However, each chance you blow means that you lose something, whether wealth, connections, or abilities (That wizard that beat you spared you, but took several spells out of your spellbook. You're alive, but short a few spells. The Ghost drains a level before your panicked flight takes you out of the house. And so on.)
Back to reality:
I think the short term solution is make some sort of cost for saving. Nothing major, but that adds up for compulsive autosavers. Perhaps a cost that starts at zero, but increases every time you save: more so if you are in an easy area, and decreases the longer you spend in one consecutive stretch of meaningful play (not just standing around), without saving, as well as after a long time (say, an hour) away from the game. This penalizes people who save over and over again without thought, while not overly effecting people who save before walking away from the game, or people who save only before critical sections of the game.