Train wrecks unfolding are still more entertaining than the dull formulaic writing the current team employs. Elspeth isn't dead because of plot armor. Ugin isn't dead because of time travel. The Eldrazi aren't dead because they can't truly die. Sorin isn't dead because of plot armor. There are literally no consequences.
Characters dying isn't the only way to show consequence. Characters, and their worlds, changing is typically more interesting. Simply killing off Elspeth is a lot more boring than fundamentally changing her identity.
Ugin was only killed for the purpose of bringing him back. By the time we knew he was dead, it was already clear that the plan was to Marty McFly him back to life and doing so had a huge effect on Tarkir.
We don't know the extent of Elspeth's 'death' yet. She could become a returned like Daxos and lose her identity, or something else could happen that's even more drastic.
Ulamog and Kozilek are dead as far as we know. Sure, they might end up coming back, but I'm guessing, more likely, when we see the Eldrazi again (which won't be a for a long, long time), we'll get new titans to replace them, rather than seeing them resurrected.
Avacyn, Gisela and Bruna are dead and Olivia is now the new 'Lord' of Innistrad. Sure, Sorin's not technically dead, but everything he's worked towards, in regards to Innistrad, has basically been undone. He also doesn't really have much of a role in the story anymore beyond his feud with Nahiri.
I'd imagine we'll likely see Yahenni die toward the end of this block's story.
Odds are, the five main Gatewatch members will, unfortunately, remain pretty stagnant, but they've shown a willingness to have other characters go through pretty big changes. Garruk and Avacyn are the recent examples that come to mind.
[EDIT]
When did WotC start designing sets with limited in mind?
I'm pretty sure Mirage was the first set designed with booster draft in mind. That said, we do a Wacky/Chaos Draft every month and I've found that, often, most pre-Mirrodin packs are pretty weak for limited by modern-day standards. So many creatures are well-below curve and a lot of the removal tends to super-situational.
That said, I did once win a match off the back of Bloodfire Infusion.