I've never raided or really bossed - but with TOA I told myself I would try it, since you can adjust the difficulty and it's possible to do it alone before reaching out to groups
That's a great approach to have, and ToA is a great starting point!
How will the death mechanic work? Do people constantly respawn? Can you wipe? If you wipe, does it cost money whilst you're learning it?
Thank you to whoever answers :)
It will work that when a member of the group dies, they'll be unable to take part until the end of the room, similar to the ToB. If the whole group dies, then that's a wipe and you'll have to restart the room. Depending on the invocations you have set, you'll have a number of wipes, but if you use them all up then you'll get booted out of the raid and you'll have to pay some money to get your gear back.
Is every reward already known? Or are there any surprises
Everything is known :) We'd have to poll all rewards. The closest to that is the ornament kits which won't be live on launch.
Do we know if this will be doable with a small team size? I'm concerned all of these streamers going in with 8 people. Hope we can do this with teams of 2-3
All depends on your skill and invocations :)
Is it intended for ring of life/defence cape to work inside the raid and remove you from the group if it activates?
Yes, this is intentional. You'll have to toggle it off before entering the Raid.