While I haven't played LoL and as such can't really comment on it, I keep seeing this particular argument brought up in LoL vs HoN discussions and it always surprises me. I've always found gold-loss to a tremendous tension-builder just like it is/was in DotA. It really dictates your strategy. Should you get a cheaper beginner item or risk going for one of the more high-end ones? It also heavily forces your playing style at various points in the game when you're approaching one of the higher price-points.
Wouldn't want to be without this part of the game, personally. Of course it sucks when you get into that occasional game where you go on an endless dieing-streak and get hopelessly far behind both on levels and items for the remainder of the game, but I don't think the game would be the same without it, really.