I guess the argument for rez in this case is to not duplicate defensive roll and the cleric capstone. I agree though that this is not exactly "escaping" death -- I'd rather see this be a "super defensive roll."
I advocate Cheat Death read this way:
A master rogue can defy even death if their luck holds out.
The first time you are struck with an attack that would reduce you below -9 HP there is a percentage chance equal to your Reflex plus 50 save that the attack does half main damage, and its special effects are negated (as if you were blocking). Each sucessful use reduces the bonus. This ability stacks with Defensive Roll.