These are my ideas for my ideal death system:

You get your hitpoints reduced to 0.

You fall down, you viewpoint follows the models head, your vision goes blurry and you can barely move your view around (if you've played SW: Republic Commando you know what I mean).

Now, from here you can either be revived by a friendly, or the enemy can execute you (with a couple of shots say), to force you back to the "respawn screen" and prevent a revive and the dead providing intel via TS/Vent. Or you have the option of tapping out. While like this you can also choose your respawn point, either a medic station inside a base, a medics field tent or a medical vehicle. Now Im not sure if you should choose your armour and equipment while waiting to respawn, but it sounds like a good idea to avoid spawn camping and saves players time at equiment stations.

Now, each spawn point has a timer, depending on the type, and this counts down to a respawn slot, where everyone who has chosen that spawn point spawns together, in a wave (if you've played RtCW you know how this works) helping to beat spawn campers and keeping troops in groups (rather than trickling into bases as we see in PS).