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You respawn at your bed, or at the main spawn if you haven't got a bed.
Your gear and your items will lie in a "chest" where you died.
If you died in a place you need armor to get to, guess what now you have to make another set just to go and pick up your old set.
This is one of the games biggest flaws IMO. You can get into a loop of death runs. It's not fun and will often result in a frustrated party and everyone calling it a day.
I love so much about this game and have spent a significant amount of hours in it, but this whole "you'll die a lot"-thing with this trailer is weird to see, considering the way they handle deaths in the game is one of the (very few) weak points of this game.
You are not wrong, we have explored multiple different paths to ease this issue. But in the end it always removes the very important tension and fright of dyeing that makes the game what it is. Be prepared to die, have a backup plan, don't rush into things you are not sure you can handle etc is something new players will have to learn. Our more experienced beta players hardly ever die, and if they do they most likely have a plan for it. =)