Open World
If you die in the open world, you lose all your equipped gear, all your money and 75% of items of highest item value in your bank/bags. So no hiding your good items from being equipped.
Dungeons/Raids
If you die in a dungeon or raid there is a grace period of a few seconds or minutes depending on the distance of the corpse run to return to the instance and save your gear and money. Raids will offer a slightly longer grace period to get back to your body. However accepting a resurrect from another player will make you lose all your gear and 75% of items of highest item level in your account as well as your money. If you do not return to the instance via corpse run you will lose all your gear and money as well as 75% of items of highest item level in your bank/bags. So no waiting for healers to do the corpse run to rez your body, you have to get your body on your own. Also Vanishing and Feign Death will not work on a wipe. If all the players in your party but the rogue/hunter is dead, they will finish off everyone else regardless of faking your death or being in stealth (Vanishing or Stealth you will be hunted down and killed by the mobs). So nobody can cheese it through as a rogue, druid, hunter or using invisibility potions. Soulstones, Reincarnation and Divine Intervention will also make you suffer the same penalties so make sure you corpse run instead of using them to save a wipe.
Battlegrounds
If you die in the battlegrounds you won’t lose anything and can continue the battlegrounds. But if your faction loses, you suffer the same penalties as dying in the open world-lose all your gear and 75% of items of highest item level in your bags/bank as well as your money. So winning the battlegrounds objectives is more important. If you join too late though you will not suffer the penalties if your faction loses (there’s like an amount of time you were in there recorded the moment you enter). If you AFK out or become too inactive for too long you will be booted out and suffer all the penalties of losing a battle-lose all your gear and 75% of items of highest item level in your bag/bank per missing slot in your gear setup as well as all your money.
Spells that won’t save you
Soulstones, Divine Intervention and Reincarnation won’t save you. Divine Shield will also prevent you from using the hearthstone in this version. The trinket that self-rez you won’t work here either.
When You Die
So whether you died in the open world, didn’t make your corpse run in a dungeon/raid, got booted out of a BG then 5 random quests of your level will become doable again to ensure you have some fighting chance of getting gear and money back.
Professions That Will Become Higher In Demand
Since you won’t be losing crafting resources, professions like blacksmithing, tailoring, leatherworking will become higher in demand giving these professions some time in the light for once instead of the typical engineering. You can basically keep your weapons/armor in crafting resource form and rebuild them when you die or start making a bigger profit selling them to players that suffer the same fate.
but people keep forgeting that…