There’s nothing that simulates “being prepared” like the consequence of death. In game play language, this means “save game”. If you remove the multi-save system and replace it with a single save game (preferably not on the player’s PC), then the player MUST be prepared at all times or risk having to start over. There are a few games out there that have this, but only a few…..
Well, the problem in a lot of games is that players get very immersed into the experience, which means that they easily forget about metagame concerns such as saving the game. But if they're gonna have to worry about saving all the time, then this is going to affect their sense of immersion. It would be cool to see some in-game interactions with regards to saving though. Some advisor telling you that it's time to "go back to your ship" or "Recuperate at a Health Station", like an indirect hint that you should go and save. It could even be an item upgrade.
The autosave function and, to some extent, quicksave, is very good IMO. Save points is another way of handling it, but developers are moving away from this method (because it's just very unintuitive and clumsy, especially if the player ever feel like he didn't deserve that death, because it was too random and unpredictable).
What I just said depends on the game, of course. But as a rule of thumb, you generally don't want the penalty of death and poor decisions to be a major loss of progress. In the Diablo series, your gear and quest progress is saved and it doesn't take too long to get back into the fray. In most MMOs, you end up at some resurrector and pay some money and/or get a debuff. But if you keep dying, you'll also get additional repair costs on gear. Progress itself, however, is still retained and unchanged. It was you wasting your time dying, not the game wasting your time penalizing you excessively.
If a game is to have loss of progress as a death penalty, then the devs should IMO also remember to follow certain preconditional rules:
1. Death is rarely, if ever, random. Players need to feel that the death is somewhat deserved and reasonable.
3. The penalty of poor decisions is only death if the player has first gotten some preceding non-death penalty and then ignored them.
These are just things I thought about right now, I'm sure others can flesh these things out better than me. But IMO, I feel like "Save Game" is just scratching the surface of what a game designer can implement with regards to death penalties.