In Official Release Notes Volume 2 Book 7 we've find out about new Self-revive Mechanic:
Players may now revive themselves in place, via a button on the user interface window when a character is defeated, instead of retreating. This feature is disabled in instances, during Monster Play and after instant defeat.
- At levels 1 through 9, characters will have a 30 minute cooldown (shown via a "Revived" effect) that prevents them from reviving again.
- At level 10, when the character receives the "Journeyman" characteristic, the revive cooldown increases to 1 hour.
- At level 40, when the character receives the "Heroic" characteristic, the self revive cooldown increases to 2 hours.
Also, Jalessa has pointed out:
You'll come back with 20% power and morale. You'll also have the standard dread/item wear applied per a normal death.