Are you talking about PvE or PvP? In PvE you'll likely need to be revived by your team, if your entire team dies, you will lose the mission and return to the tower most likely. In PvP there aught to be a good 5 second respawning timer.

Everyone saw from the gameplay trailers that we have a revival system going on, but I assume to OP is talking about competitive multiplayer. (If not it still makes sense to center the respawn ordeal around it) Even in a competitive environment, I don't think I'd totally hate the idea of the same revive system in PvE being in PvP as long as it was segregated. It'd seem like an interesting see it in certain game types in both competitive and casual playlists. [spoiler]Buut I'm pretty sure we're gonna see a timed respawn. Maybe[/spoiler]

Where's the challenge in immediately respawning upon death? At what point does it even matter anymore if you do die, do you lose something else instead? Death penalties are meant to incentivize you into improving, doing better. It aids in giving you that awesome feeling when you do finally overcome the odds without having to make that lonesome jog back to your corpse (i.e. in WoW), or waiting those long seconds on your repawn countdown. It also incentivizes teamwork, your death hurts the team, so improving and dying less will allow you and your team to stare down greater odds and come out on top. Now with that in mind I'd -never- suggest something like in Contra where your and your friend only had 3 lives each can could steal lives from each other if you ran out and they had some to space. Though that did promote some interesting team work.

There should be some form of punishment to make you play more tactically