Maybe nothing? Maybe they havn\'t decided yet. I hope the penalties arn\'t too strict, though.
I\'n M&M when you die, you lose Reputation (these points are gained whenever you fight and increase your chances of receiving battle rewards when a monster dies). You don\'t however lose anything else like items, cash or exp.
I try my hardest to never die in games that have harsh penalties, however, this means that I usually crawl through games at a very slow pace and take very little risks. Not that exciting, really.