[quote]What Exactly happens when you die? Do you lose some xp or some glimmer? Do you have the view of one of you're teammates, in 1st or 3rd person, or is there a flying cam? Do you die in real life?[/quote] No your ghost comes out and hovers mid-air. If your fellow guardians interact with it they can revive you. If you're alone you get restarted at the nearest checkpoint.