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]
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I heard some where that Bungie was thinking of having a game type where you'd get points for kills and points for reviving before your teammate respawned. If this is true then that would lead me to believe that the system will exist in PVP along side a timed respawn. -Team Bacon and Eggs- -Founder-