I have no problems with it, basically games can cover all the same ground as movies and books and such, and should at the "M" rating, that includes the deaths of children and things like rape. The abillity to dirrentiate between fantasy and reality is important however and why material of the M or R level are to be kept away from children, even teens.
There are various ways ao address the issue of rape, and it can vary with the storyline and type of material. In horror rape can be considered a terrible, and frightening thing, and presented that way, specifically to elicit those kinds of reactions which is the entire point of the material. One problem today with horror is that it's gotten too tacky, few people who do horror actually want to shock a jaded audience because they fear the potential backlash.
Outside of horror, you have to understand that rape can be presented in a somewhat positive, or fun light. You might be going "WTF Therumancer", but let me explain to those of you naive not to get this. Rape fantasies are common, people wanting to be basically forcibly seduced by an attractive member of whatever group they are attracted to. This is a standard feature of a LOT of material ranging from porno to romance novels. A lot of those romance novels directed at women basically involve the protaganist getting abducted by pirates and "ravished" or whatever, the differance is entirely in presentation. Incidently, this is also why you have people putting out personals and seeking unknown partners to rape them via the internet and private newspapers and such, the fact that it is fairly common is why such "communities" have been exploited by say an angry spouse (of either gender) assuming the identity of their partner/former partner and cutting a deal to get them attacked/rape under the mistaken assumption that it's consentual/acting.
Of course it should ALSO be understood that with the above it's important to diffentiate between fantasy and reality. Some guy, or girl, raping the reluctant object of their affections and having it turn to love/lust/whatever might make for an interesting story, but in real world things rarely, if ever work out like that. The problem with such material is when people take it too seriously, and that can lead to tradgedy where say some loser rapes a girl he likes thinking she'll come around afterwards, etc...
Then of course there is the whole "dark fantasy" thing which is similar to the above, but lacking any realistic foundation. This is where people explore their dark side vicariously and you have a lot of rape and sadism purely for the purpose of taking pleasure from someone's misfortune and/or seeking your own enjoyment. You see this kind of thing in a lot of vampire fiction, in the way "ghouls", "shadows" and other slave-beings are treated. Not to mention the entire "Gor" series, where a recurring theme is for a girl to be taken as a sex slave just long enough for her to fall in love with her trainer/master (Stockholme syndrome anyone) and then sell her at that point. Of course it can also be said that these things don't just work with men using women, but go every way you can think of depending on series. Even in Gor, people who criticize it tend to forget the situation Jason Marshall found himself in when he first arrived on the planet.
The point is that rape CAN be used for various kinds of entertainment within the realm of fantasy, and shouldn't be off limits. It's just important to make it very clear that your dealing with fantasy no matter how realistic it might seem in places. Video games certainly should not be pulling the punches they are here.