Our first 2 vs. 2 featured:
Team One - a Lighting Wizard & a Druid.
Team Two - a Warlock & a Warlord.
11 V'tarr to win.
Team Two got out to a 8-0 V'tarr lead (!), as Team One spent it's time building-up early. Team One then pushed forward and took all 3 claimed V'tarr Orbs.
The Warlock then managed to kill the Wizard, bringing them up to 9. The Wizard lost 16 mana worth of equipment (along with a Teleport that was Spellbound), and a whole turn (both Quickcast & Full Action). This wasn't quite as bad as it sounds as some of the Equipment wasn't really needed at that point in the game (like the Arcane Ring). He spent his next turn summoning new Equipment, so he effectively lost two turns. Still, Team 2 was unable to reclaim an orb and lost.
Some debate about the first try, because Team One won even with a Mage killed, 11-9. Still, losing 2 turns along with all your Equipment and the two-point-V'tarr-swing seem like a pretty good benefit/penalty, but the severity depends on the Mage who dies.
We debated briefly about whether the killed Mage should come back in the same Zone, or return to their starting Zone. We decided to leave it as-is until we played a few more games, because the Wizard would have actually been better off if he was returned to his Starting position, but it is easy to imagine circumstance where the opposite would be true. Maybe we will let the "killer" decide in the future?
I'll post again next weekend.