What happens when you die?

Maybe you won't really "die" as much as become "severely incapacitated" and the Traveler will teleport you into a special chamber where you'll be stabilized and revitalized and sent back out into the world. Though if this is how they handle respawning, I'm hoping for some negative side effects such as lower accuracy, lowered stamina, lowered hp/mp and an overall weakened condition, albeit temporarily.