To be fair, I wasn't discussing D&D, in particular, or in specific. Most of my discussion was aimed at games like Rolemaster or GURPS Fantasy, which have both complex character creation and high lethality. AD&D and older D&D which had higher lethality did not have complex character creation. It's a virtue in certain systems to have certain kinds of risk.
I think that part of the difficulty is that everybody treats risk a little differently, and so their perception of the risk will be different.
Not to me, it wouldn't. Now if it does to your players, that's one thing, and that's fine. But you can't assume that everybody's perceptions and reactions are the same. I know enough statistics and enough game theory to have a reasonable idea of when things are starting to get increasingly fudged in my favor. Not that I'm necessarily opposed to that. In a game where heroic fantasy is the goal, and focusing on my character's heroism is the objective, it's good to be able to act more heroically than I often would. Of course, that means that my character doesn't really get the whole benefits of the heroism though. It's an expectation, rather than something with real risk.
Well that depends on how astute your players are to the statistical perceptions. If your players are particularly savvy they'll even notice that you're pulling punches to avoid character death, since statistically it should be happening more often. Again, you're making broad strokes about general perception of all players based on a very small sample size.
Also, part of the virtue of high lethality games is that you as DM will sometimes be surprised by death. Sometimes characters can die in shocking and unexpected ways. It creates a very different tone and atmosphere. If I were playing a game set in a wartime setting, that's the kind of feeling I would want. The same holds true for Horror games. Although it doesn't work for everything.
Well it's a different kind of excitement. I can be excited reading a novel or watching a movie. But if there's actual risk to me, then it's much more exciting. You can get some enjoyment out of a narrative like The Fast and the Furious, but it's not the same rush or excitement as you would get from actual drag racing. The stakes do matter. Of course, higher stakes also means that eventually worse things will happen.
Also, high lethality isn't necessarily opposed to narrative development. If anything high lethality inspires a degree of paranoia and nervousness that forces people to consider non-combat options. A game where there's a high risk of death will have less combat than a game where death is reasonably uncommon. Compare D&D 1st Edition to D&D Fourth Edition. OD&D was very very risky, particularly at low levels. Players actively tried to avoid fighting as much possible, sneaking or talking their way out whenever they could. Fourth Edition didn't have as much risk of death, and had many ways to avoid dying, it's basically a straight-up combat simulator.
Not that there's anything wrong with either course, naturally, but I think you're drawing correlations where none exist, and worse drawing some correlations in reverse of what actually tends to happen.