For me, the forgiving checkpoint system is fine by me. I have limited gaming time, and the last thing I want is to have to replay 15-20, or even 30 minutes of a section because I died. It doesn't "encourage me to do it better next time." It pisses me off that I wasted 30 minutes of my limited gaming time, and have to waste another 30 minutes of my game time, just to get to a section of the game I haven't seen.
I think the checkpoints in TLoU are spaced well enough, and it doesn't always put me back exactly where I left off, and I do end up having to replay a section, but at the longest, it seems to put me back at a spot that's acceptable to me.
But, different strokes for different folks. I also love Demon's/Dark Souls, and how unforgiving they are, but I don't need all of my games to follow that mold.
Also, RE4 is great, and one of my favorite games for sure, but I think The Last of Us trumps it in the end. The fact that I'm so invested in the characters in the story makes a huge difference for me. Leon is no Joel, and Ashley is no Ellie. RE4 is typical anime* inspired silliness when it comes to its plot and characters, while TLoU is going for something more believable. I still love RE4 with a passion, and it's still great fun to play now than it was back then, but TLoU is a great return of the Survival Horror genre, and reminds me of its potential. I'm already planning out my second playthrough as soon as I finish this first one.
I'd love it if more developers were given the freedom to craft games like The Last of Us.
*That's a gross generalization of anime, as I've seen animes that run the spectrum of silly to complex. I'm a big anime fan. Sorry for the generalization, but I was mainly referring to so many Japanese video games falling into the same tired tropes and cliches and melodrama that is in animes and films.