Okay guys, I thought I explained how PKing would be lowered because of it, but I guess I'll go over it better.
You say you're worried that some PKer will just kill you and you will lose all your revives. That isn't true. For one, you're going to start out with like, 5 revives. This means you have 5 chances to at least gain some sort of strength and stay away from PKers.
Then there is the factor that PKers are putting their lives on the line. By going out and killing others, they are also risking being killed. Lowering THEIR revives, each time they are unsuccessful at killing someone. This means that more than likely, there won't be many high level PKers.
As for the PKers that reach high levels... This is what justice is about. This is where PK killers come into play. You can roleplay as a guy who takes down criminals. Even have bountyhunting if need be. Basically, high level PKers would be taken down by even higher level PKers, or higher level players. Because more often than not, PKers don't play friendly with eachother, and more often than not, people that don't even PK, will gladly kill a PKer, just to stop them from causing a riot.
Then there are revives... I saw someone say something about high level players "buying new lives". Well, you can't just buy them from an NPC.

Revives would be in the form of "life pendants" on Oasis. These life pendants would be uncommon items, that you could find places, get from npcs occassionally (under certain circumstances), win in events (not just "omg I'm leet power battle" events), etc.
Meaning the life pendants will have no price tag, there will be no method to just get all the life pendants you want. You have to either hope someone will sell you one, or go out and win one/find one/earn one. There can also be a limit to how many you can have. So nobody could just get like 100 life pendants and never worry about dying, but maybe 10, 15, or 20 of them at a time.
Having it so PKing doesn't effect life losing, well... that would be silly. Imagine you and your friend are fighting a monster, and then your friend gets low on life. You run over and kill your own friend, so that he doesn't have to lose a life? That's pretty absurd.
I'm wondering why people are picking the lowest death loss option. You have to understand that fighting isn't everything on this server, and like I mentioned before, this will be unlike anything you've played on Graal. (not saying it's unlike anything you've seen of course, just... nothing you've seen on graal :P) Without a big enough death penalty, PKing would run rampant, and everyone would just constantly try to reach some extraordinary level. Why does this sound good to you? It will ruin the server.
Much like 2k1, much like Kingdoms... The reason these servers seem to get worse over time, even though new things are being added, is because everyone just keeps gaining levels and money. Eventually the developer is rushing to make monsters that give more exp, jobs that give more exp, weapons that do more damage, etc. Yet no matter how hard they try, the new monsters will be the only thing high levels will fight, the new weapons will be the only thing the high levels will use, etc. It's basically killing all the old fun content, just to make some new content, which will eventually be killed as well. It's a terrible cycle which I'm doing everything in my power to stay away from.