Now I've read in other posts in another forum about the complaint of no death penalty. It the message that came across was "yes this game needs one" something other than just a respawn timer.
If this is you and you agree with this then you are apart of a majority who have missed something quite subtle but potent in a mad dash or playing mission that are rated hard. This was actually something I didn't notice either until a friend and fellow Beta player pointed it out to me and that was when you die in an respawn restricted area sure you go back to the checkpoint previous to your death but you also go back there with only the equipment you had when you died.
So for all those who would like to play destiny with increased difficulty and think they can just Rambo through it and die all you want, you'd be sorely mistaken. As far as I'm aware this same penalty applies all over destiny with the exception of heavy ammo in the crucible.
The other thing I think might happen us the lose of the value of the reward given to you when you die in campaign, so no awesome loot for you, but I'm not sure about this as no one has yet to confirm or deny this theory.
If you disagree with this penalty or think improvements can be made regarding the death penalty please feel free to sure what you think might be more appropriate.
Please note that what I have stated is already in use and was being applied in use throughout the Beta and this isn't all that bad.
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I actually think there is a penalty. It's not uncommon for betas or demos (mostly betas) to forgo the penalties of death and respawning to give players a feel for the game a bit faster. For this kind of game it's probably going to be a loss of glitter and/or exp upon death and respawning, less so when revived though.