Fu'Miga has sent word that the SAGA Project has posted another video from their upcoming persistent world. Additionally, the death system has been detailed, subject to testing:

There are in reality 4 ways to come back to life on SAGA called Desperate Ressurrection, Peaceful Ressurrection, Friend Raise and Friend Carrier.

a) Desperate Resurrection: Resurrect to the exact point of death with half your HP's restored (thus able to get your items from the ground and avenge your death)
- xp DEBT= high level dependant xp debt penalty

b) Peaceful Resurrection: Resurrect to a temple you previously bound yourself to (by paying bind services) at full health. You will only be carrying items that are 'spirit-bond', plot or no-trade. If you want your former items and money back you should venture back to the place you died and retrieve them (be quick about it we never know what those pesky creatures stole from you)
- XP DEBT= below average level dependant xp debt penalty

c) Friend Raise: Be raised from the dead or resurrected by a friend cleric character that casts the mentioned divine spell on your corpse (and hope no one stole from you while dead)
- XP DEBT= low level dependant xp debt penalty

d) Friend Carrier: Have a friend carry your corpse to a temple cleric and pay the ressurrection services (don't forget to pay him back if you want him to repeat the prowess). Maybe the carrier can even bring along your items as well.
- XP DEBT= low level dependant xp debt penalty