Haven't we gone over this before? It just doesn't work with the current setup of pvp, for open pvp a timed debuff could do to stop people getting back to fights for a little and forcing ends to them but otherwise nuh uh.
The current system simply doesn't lend itself well to death penalties for PvP. I think some penalty for PvE deaths would be fine, but it just wouldn't work too well for PvP. Unless of course it was just some kind of short duration debuff, which might work out ok.
The instance PvP is just death match Team Forstress will a lot less skill, in such matches death penalties can nto work. In open PvP I would like to see people wake up in sick bays across the galaxy or your ship in space dock. Have the character/Ship have a debuff for 5 mins to stop them jumping back in.
Open PvP is still only a dream as the Open Beta event showed though Kilingons are insanly out numbered and out gunned and so no one would take part in open PvP just instance based death matches.