"older MMOs"? The original MMOs, the oldest of the old, had harsh death penalties. Develling in EQ anyone? Having all your stuff jacked anyone? They changed it because it was unfun. I do not want to see that return. Ever. EQ2 used to have, and removed later, an experience debt penalty that was shared among everyone in the group when a member died. This was uncharacteristically unfair to the healer, who may or may not have been able to prevent said death anyways. When you add in super harsh death penalties(I don't mind exp loss and item durability damage but I draw that line at item loss and level loss) you discourage players from doing anything with each other(that jerk'll just get me killed!) and turns off players that never got the "joy" of dealing with a game that did this.
in short, NO.
Nahh, my favorite MMO is still Ultima Online and once you stepped outside of town in that game, if you were killed by another player they could loot your pack of everything including your house key if you happened to have it on you. Needless to say in UO you quickly learned to carry only what you needed, and always use top quality crafted gear because it was easy to replace and you could have a few extra sets in your bank so you can go and quickly requip and go find the SOB who just killed you and try to get your stuff back!
In UO fights would last a long time if you both had sufficient skill and potions, and it really did come down to one of you making a fatal mistake or one of you died due to sever lag.
The very first time I logged into UO I noticed two guys fighting it out in town, they were part of the Chaos vs Order struggle which allowed them to attack the opposite faction even in town. I followed these guys all over town completely fascinated at the skill and action these two veterans of the game were showing me, the battle went on and on and lasted at least 30 to 40 minutes, or more. It was not like WoW where death can be swift and meaningless all at the same time, this was a fight of skill and the looser was going to have to make a fatal mistake of some sort.
Finally one of them was victorious and I watched as he looted the items from the guys corpse, the looser standing there as a ghost unable to say anything other then "Ohoooooo Ooooo Ooooooo" ghost type speak, and the winner saying to him, "Good fight bro! I can't remember a better one, but you know the rules I got to loot ya even though you probably could have killed me just as easy."
Ultima Online was a really great game until finally the developer Origin Systems sold out to EA and they basically ruined it trying to make the game a lot less ruthless with the addition of the "carebear" world of Trammel. A duplicate world only in the new world you could not attack players outside of town and they even took collision detection out of the game. In the original UO world of Feluca you could block a player and not allow them to move by using your body and the terrain they took out player collision dection in the new world Trammel...
It was game over for me after that...it just got to boring I never had to worry about anything, all of the consequence was gone from the game and so was the enjoyment. We did try to make our own UO server after we all quit and we had a super cool world all mapped out it was glorious and we were almost going to go to beta and our lead designer got an email from EA saying, "cease and desist" so we had to scrap that project too. Up until then they had looked the other way with private server however they had started to feel the decline in subscriptions at that point so they served them all notice as well....some had been running for years.