Story gamers think a TPK is the worst imaginable end to a game. Time wasted characters destroyed. TPK's can be rough, they are necessary. If adventurers dont have a real of character death,there isnt much point to a game. If you believe every encounter should/must be balenced to your party you might be a story gamer.
I remember a DM i played under who TPKed five parties in a row. Five weeks of short painful premature character death. I dont remember any of those deceased parties at all. Know what i remember? The sixth party. They lived and thrived. They knew when to run and live another day. The sixth group made it to the high teens before being retired. I think 2 of that group assended to godhood. I remember the 6th very fondly as the group that lived.
TPKs do suck, but the group that follows savors life all the more. Especialy if they dont TPK also.
TPKs while a bit disappointing make the victories all the sweeter. For without the fear of death whats the point?