A couple of thoughts to help throw fire on this debate:
1) The entire Wheel of Time series is one story. Sure, the first book has a halfway decent ending, but even it has some dangling ends (like the last paragraph). Thus it is absolutely impossible to know who lives and who dies based on previous books. I've only read one story by RJ (the Wheel of Time) and I haven't seen the end, so his "death style" is completely unknown. Some main characters will certainly survive. Some may well die.
2) There seems to be some fairly heavy foreshadowing and symbolism that Rand will be a Christic character. However, this is not the only character he has symbolic links to (King Arthur and various gods come to mind; see the Wheel of Time FAQ for a much better list than I could do). Thus it is eminently reasonable to assume that something very odd will happen with his death (I personally would be very surprised if it didn't), but more than a little bit hazardous to guess what, exactly, the oddity will be. A few choices, with no particular attachment on my part to each:
a) He fakes his death and then comes back at a key moment. To the public it large, it looks like he has died and been resurrected.
b) Very unusual circumstances combine to actually resurrect him after an actual death. Nynaeve may be involved.
c) Lews Therin dies/gets reintegrated but Rand continues.
d) He actually dies and somebody else somehow steps in to take his place perfectly.
Anyway, I refuse to be drawn beyond these assumptions. I just like to keep an open mind about what is possible.