Dying doesn't matter anymore.
We get a free full-health revive at each level, which is more than enough, but in addition, I'm collecting Spark of Life rarities at a much, much higher rate than I'm using them. Consequently, dying is meaningless since revives are free. This has lessened my fun since it lessens the risk and challenge. I'm not sure what the intent was behind the new system, but it probably wasn't this.
I would remove the free revives. Additionally, I'd make rarities, particularly sparks of life, sellable to vendors at a decent price to give them some value beyond their current near uselessness.
In my opinion free rev should be only available in normal-advanced. It shouldn't be removed completely because new players unlike us don't have loads of sparks of life and also tend to die more often. I've played enough elite t1-t2 to tell you that it barely drops there (so basically they get them from missions/s.depot/companion boxes) I guess if people go on elite they are already looking for challenge so removing it there makes sense.