This has been discussed at length here, and it is possible that Difficulty Levels will implement some sort of restriction on the number of saves.
As for not being true to the D&D feel, that might be true if you have a particularly harsh GM, but in my experience most will be pretty lenient where a potential character death is concerned. A CRPG can't recreate the human touch, so you don't get a GM raising his eyebrows and asking if you are sure you want to pickpocket the Lich you are chatting with, or pointing out that trying to climb the cliff is almost certainly going to lead to your being smashed onto sharp rocks.
Saving frequently also allows for issues with software and interaction with a computer-generated world. Obviously you wanted to shoot the oil barrel in the middle of the goblins rather than the one next to the party, but your finger slipped or the game hiccupped and BOOM.
I would also point out that, in a PnP game, a character dying means creating a new character (usually at the same level as the old one) and picking up more-or-less where you left off (albeit at a suitable place for the character to be introduced). In a CRPG it means having to play through from the beginning again (or last save).
