I always thought of Death as generally being a lot lower in sound & vocals than any Thrash was. It's still a kind of blurry line to me when differentiating certain old school Thrash from old school Death bands. There are obviously Thrash bands that have that signiature sound, but the line gets hazy with those older Death bands... For example to my ears Massacra's "Final Holocaust" sounds like about the most brutal trill filled Thrash out there, but I would have a hard time calling it death with a straight face. M-A says it Technical Deach Metal, I think... Old Obituary falls roughly into the same category. Old Morbid Angel is a hybrid of the styles.
That's about the way I percieve it, I dunno. There are obviously bands that are clearly one or the other however.