Sameen,
This answer to this question is not very simple. However, if I were to place the redundancy schemes in order of safety, this is what my order would be,
2004 / 1oo3 --> 2oo3 / 1oo2D --> 2oo2
Control Systems have 2 important parameters that a consumer might be interested in
1- the system does not fail, i.e. high availability or fault tolerance,
2- the system must fail in a safe manner, i.e. high safety level.
You are absolutely correct in saying that as availability increases, safety level is compromised.
For instance, 1oo1 voting is the simplest to install. It can be programmed to be fail-safe and hence vote a trip. The disadvantage of the scheme is that the production losses will be higher due to false trips, and therefore the system cannot be termed as fault-tolerant at all. 1oo1D voting is an improvement over 1oo1 voting, the architecture improves fault-tolerance by converting dangerous failures into safe failures by de-energizing the output.
Comparing this to the 2oo2 configuration, now both the votes will need to be present to effect a shutdown. The system will be more fault tolerant than the 1oo1 configuration but safety level will be compromised since there will be conditions in which one of the units might be out service (for instance during maintenance) and in that case, even if the other unit votes a trip, trip will not be actuated. 2oo2 configuration is also referred to as a 2-1-0 scheme. It is estimated to be three times more available than the TMR architecture, but only half as safe as a simplex (single channel) configuration. This is because both channels must fail for the system to experience a spurious trip, and both must operate for the system to achieve the safe state, and herein lies the problem.
The solution is provided by the 1oo2D configuration, which provides the availability level of the 2oo2 scheme and the safety level of the 1oo1 scehem. In the 1oo2D configuration the convention used will be that only one of the two votes need be present to shutdown.

In case of a single failure, its diagnostic contact will open the output channel and remove that unit from service. The SIS function then continues to be performed by the remaining channel. The system can then be said to operating on a 1oo1D configuration. That is normally the scheme operates with a 2-1-0 configuration but reverts to 2-0 scheme when a fault occurs that cannot be resolved. However, such a scheme depends greatly on the system's internal diagnostics.
Then come the TMR systems. The advantage of the TMR system is their relatively lesser dependence on the system's internal diagnostics. Simple voting can be used to determine a fault in any one of the units after which the faulty unit can be eliminated from control. The TMR systems also have 2 possible degradation modes, the 3-2-0 and the 3-2-1 mode, the former being safer while the latter ensuring higher availability. The level of fault tolerance can definitely be improved if adequate internal diagnostics are also incorporate into the TMR scheme.
Summing it up, the objective of increasing redundancy is to improve availability and not safety. The determining factor is that how is the system (whether DMR, TMR or QMR) designed to ensure high safety level in spite of increased redundancy and that pretty much depends on how the manufacturer has designed the internal diagnostics of the system, that is to say how has the manufacturer ensured that there is no instance where a process may be left in a vulnerable state. For instance, there are some QMR control systems that have 2 independent channels, both channels being redundant within themselves (thats how they get the QUAD configuration) and capable of operating at SIL3 independently. Moreover, the two channels are entirely isolated and keep monitoring each other for faults. The internal diagnostics are designed such that at least one of the channels must be entirely fault-free fot continued operation.
In addition what also determines how safe/available a system is the possible degradation modes available. In that aspect, the QMR scheme is at least compatible with the TMR scheme since both have the same number of degradation modes, i.e. 3-2-0 and 4-2-0.
Another aspect is comparison of PFD(avg) expressions for each system. Referring to ISA TR84.02, Part 2, 1998, one can quickly determine that the Quad (2oo4) architecture is comparable to the ultra safe 1oo3 architecture, as both have cubic terms in their equations for PFD. By comparison, TMR (2oo3) is comparable to the 1oo2D architecture in that both have squared (second order) terms in their equations. This comparison concludes that the QMR (2oo4) architecture provides an order of magnitude better safety performance than either TMR (2oo3) or 1oo2D architecture, and is a major technological enhancement in safety system performance.Heres a comparison of these architectures.
1oo2: PFD avg. = (λ^DU)^2 x (TI/3)^2 + . . .
1oo3: PFD avg. = (λ^DU)^3 x (TI/4)^3 + . . .
2oo3: PFD avg = (λ^DU)^2 x (TI)^2 + . . .
2oo4: PFD avg = (λ^DU)^3 x (TI)^3 + . . .
This is the reason why I listed the schemes in the order that I did in the start of my reply. I hope I have clarified.