Katricia:
And you wonder what we do all day .. well, we think up sexy names for our mounts of course!

At level 40, an Undead Character will have the ability to acquire and ride an Undead Steed.

Updated in our FAQ: Here

When a player dies, he or she will appear at a nearby bindstone as a ghost. While in ghost form, a player can neither be seen by nor see the living. The player must now travel back to where his or her corpse is to become corporeal again. Finding one's corpse will be easy, since players will have a minimap marker that clearly shows the way. Because the player's ghost won't be detectable by monsters, the journey back to the corpse won't be dangerous. After getting close enough to where the corpse is, the player will receive the option to be resurrected a small-but-safe distance from where he or she originally fell (to avoid any nearby monsters). Once the player becomes corporeal again, there are no further penalties for death.

Should a player choose not to retrieve his or her corpse, a Spirit Healer (ghostly NPC) will be available at the bindstone to resurrect the player there for a modest loss in experience.

Of course we are still exploring the death-penalty system and will be flexible in keeping our options open for future changes