Lance Axel said:
They'd just put him back together again like Space Marine Humpty Dumpty. It'll be fine.
HA. Made me chuckle. :3
Vonnis said:
No. I want him to retire and become a cattle farmer on some backwater planet. That's how a true hero's tale ends. Not in a blaze of glory, but knee-deep in shit.
That would certainly be interesting. Send him to one of the planets he basically destroyed for resources in ME2 where he finds a new race of aliens slowly dying due to lack of resources and an abundance of probes covering the land.

This could be used as a sort of "Your actions really do have consequences!"
I think another fitting ending would be if Shepard survives the mission only to die of space STDs since he or she decided to sleep with too many alien men and/or women after saving the galaxy. Then a public campaign is launched to be aware of space STDs. However, the campaign goes horribly awry when the initial founder is kidnapped and replaced. The new founders, Mr. and Mrs. Belle, change the message of the public campaign to a message of stopping inter-species relations. Mr. and Mrs. Belle blame the aliens for Shepard's death and have caused a division in the universe. The two camps being people for inter-species relations and people against inter-species relations.
*Dramatic transition to the streets of Omega* *Pan and zoom into one of the apartment buildings* There is a young Asari about to mate with a lover of a different species. Suddenly, a crazed Batarian, clad in Blue Suns uniform, barges in the house and fires wildly into the ceiling. The young Asari reacts quickly and fire a few rounds from the pistol on a desk next to the bed. The young Asari says "It seems they've found us..." *fade to black*
Then Bioware could work with that and flesh it out into a full game where we don't have to play as a human in the universe of Mass Effect.
If this is all considered off topic then...
OT: No I don't think Shepard should die. It's still nice to have the choice I suppose as long as they don't use that possibility as a punishment for not being fully Paragon/Renegade.