Exactly! That is one of my issues with it too: because of the way the 5e dying rules work, the periapt makes it so the PC can't be killed except by massive damage or by a deliberate effort on the part of the NPCs (read DM) to gang up on the downed PC.
Honestly, it's a real problem with the 5e dying rules in general - to make things scary, you have to basically bully a player whose character isn't even getting to do cool things. I'm not a fan of it, really, and I don't like big house rules, so my players simply don't die a lot.
I considered entitling this thread "DM/Player Hypocrisy", because I've found that, like you, when I DM, I want to limit what the players have access to for balance reasons and whatever else, whereas when I play, I want all the best things and to the Nine Hells with balance!
It does depend. On the only recent occasion I've been a player in a D&D game, a 4e one to be precise, I was almost demanding that the DM make harsh rule calls and really go for the kill. I like it to be really challenging, and don't particularly mind my character dying or the group having a setback. That seems to be a rare view though.
Magic items can be a funny thing. Almost everyone agrees, when you ask, that 4e's Residuum and 3e's Cure Light Wound Wands were a step too far, doesn't feel magic, etc, and can even express a preference for having few magic items; but during games I nevertheless seem to field constant requests for more magic items. Now, sure, one group is playing
Hoard of the Dragon Queen, and that module is known for being light on magic items. But I still got players coming to me and asking 'Is 5e really this light on magic items? We've still not got any magic weapons for my barbarian to use.',
at level five. Next session they find a Studded Leather +1, which I put on Dralmorrer Greyborn and gave a custom description and minor powers to suit his awesome picture, and the players collectively declared it to be worthless and shrugged. What can you do?
