I always (Troff and)Scoff at the school of thought that says lives are outdated and redundant, but that's a criticism people usually have for 2D platformers. While I strongly disagree with that idea for in the 2D realm, I kinda feel that way about 3D platformers, well, collectathons to be specific. Bad Fur Day used lives very well, but that wasn't a collectathon.
Here's the thing, Kazooie had lives, but you're probably not going to get a game over, unless you're playing Rusty Bucket Bay at the start of a session without many lives, that is, but I always have a plethora of lives by then. I barely noticed that there were lives, likewise, I barely realized that there weren't any in DK64 and Tooie. The point is, you don't die much in a collectathon.