I don't get what reincarnate costs twice as much as raise dead. True, raise dead brings you back at 1 hp, doesn't restore any missing limbs, and doesn't remove magical diseases, curses, or similar effects, whereas reincarnate gives you a new body, so any such effects are effectively ended, and you are back at full hp. But, you get a random new body, which can provide a great role-playing opportunity and enable new character development, but, OTOH, can be fairly big pain in the, er, lower back.
The older versions of the spell let a reincarnated character to essentially create a different character, of they wanted to do so, with a new race, class, etc., but with most of the memories of the old one. The new version doesn't have this option.
Meh. As it stands, I'd say raise dead is a better option 8 or 9 times out of 10, and reincarnate probably sees regular use only in parties with druid as the sole divine caster.
As a sidenote, I completely forgot that reincarnate used to be a wizard spell, too. Also, the default 2e druid did not have access to reincarnate. Weird!