I would be pretty pissed off if I lost the Legendary weapon I had gotten the mission before because a bunch of Thrall rushed me when I wasn't expecting it. Weapon/gear loss, I would not be a fan of. That being said, there needs to be a penalty to dying. Right now, it's hit X (or square) and respawn. 5 seconds later (or 30 in restricted areas), you're back in the fight with all your ammo and gear and money. I understand that Bungie wants us to feel awesome, but that's a bit much. I expect that Bungie will enact some sort of penalty for battlefield deaths. Maybe have to repair armor, SWTOR-style: little damage taken over time, but dying damages more? And when revived, you have the option of accepting the revive and paying with glimmer but taking less armor damage, or waiting to respawn normally and save your glimmer but take more armor damage. There's a bunch of stuff they could (and really should) do to make dying a less pleasant prospect, but I don't think item loss is a good one. The moment someone takes away my locked-in hand cannon.... bad things will happen.