Part of the problem with the criminal justice system is that it doesn't do much to rehabilitate criminals. Even if such a system did exist, there would still be those who are beyond rehabilitation (child molesters and serial rapists come to mind). Sometimes I feel that people like that are better off dead. (God forgive me.)
What made capital punishment a deterrent in the first place was the swiftness with which it was carried out, and the public spectacle. Besides, if one is going to commit a heinous act, it is irrational - nothing is going to be a deterrent anyway.
Just my thoughts on the matter.