I think this would be interestingly enough a interesting idea if done correctly.
Main points:
Once you die in game, that character is dead.
The game opens that you can level to level 10 without a death penalty (being final) After that 75% of the world is live meaning you can die in those areas. Once you character is dead, that player char is dead. You can start the same class at level 10 again but if you are starting a new class, you start at level 1. Once that char is level 10 and you die you can restrat at level 10 again. So that would be 2 classes you could start at level 10. Character levels would go to level 60.
The world is a sandbox. The developers throw out the content and what ever the player does with it is their business. You can build a town in designated areas but it could start off with a player (or guild) controlling that area. Maybe not. Once it gets to a certain level of development is is now a safe town.
Maybe there is no content, just land areas, wildlife and the players are the content. It is a big majority sandbox. Maybe there is a dungeon, just one. It would not be heroic level but more normal or flex..because as i said, you die your char is done.
A guild perk (and it would be a major one could be) is that once a major milestone is made as a guild, you get one auto-rez. Or not, maybe thats too much.
Man each server would be vastly different in so many ways. I'd play this game. You sure as shit would have something to lose and epic things to do. Many possibilities, so fricken many. The biggest hurdle is ensuring someone is not killed by lag but something could be put in place that could monitor that or set up some ways around it.
I think it would be interesting but not positive it is possible with todays technology.