Do ragers regularly walk into fights where they're fighting shielded, song buffed, hasted, sanced opponents without other advantages?
For example, two RBWs versus a warrior and a healer, I'd say that its at least even, or maybe an advantage to the ragers. This is less true for some examples, and more true for others.
Long argument shortened: If you want to get into situations where the opponents are shielded/sanced/muter hasted, you also should get into situations where you have several ragers with resist/bard buffs/defender dressings and poultices, etc. Some matchups are less even than others, but with the right combination, the villagers can easily walk through the non-villagers, while with the right matchup the non-villagers can walk straight through the ragers.
Personally, I think team and group balance is another issue entirely, and trying to bring that up when we're discussing the power of deathblow feels I'm arguing one problem and you're arguing another and these problems aren't really related at all.
-of course- having both a transmuter and a warrior with magical dam redux ganking him is going to give a single rager a huge disadvantage. But thats irrelevant - having two ragers ping pong a single warrior in between them (you know what I mean - when the second rager attacks after the first rager flees) is putting the prepped warrior at a huge disadvantage too. Ganking will always be unfair for the victim - that doesn't have anything to do with the balance of the game.