[Something'Witty]

I would suggest:

Coin loot

PvP death effects (similar to rez)

Very slight xp loss (barely noticeable upon one death, but would add up)

Maybe Item loot - the tradable non-magic in any slot (including bags) might be interesting. Maybe allow players to loot stacks of items or maybe non-lore items. Dunno, haven't given it a lot of thought, but there are a lot of possible options.