What Exactly happens when you die? Do you lose some xp or some glimmer? Do you have the view of one of you're teammates, in 1st or 3rd person, or is there a flying cam? Do you die in real life?
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Bungie have said there are checkpoints (at least for strikes or raids I can't remember which) so if you entire team dies and you are unable to revive (which probably has a timer) you'll just respawn at the checkpoint or before an event trigger.