I feel like the lack of a death penalty is more of a plus. It seems to keep pressure up and, in a game which have 2000 player servers, you're going to need pressure to keep a map from constantly changing.
Besides, in large engagements, you're going to die anyway because there is so much hurtful stuff going on at the same time, that something will hit you eventually, especially when trying to take a chokepoint.
Balance wise, I think it all works out because I haven't seen a moment where I have thought "Hey, this is grossly unfair", both while defending and attacking.