When you die, you lose everything on you except whats in the gamma container and what you have in your stash. a bounty will be placed on your head and everyone will be after you to kill you, and once you die you loose all the gear you had on you. The game will have a karma system for team kills. There is a free roam mode, 1v1 mode, as well as raids and I think a few others.
Yes its similar to The Division, but your not actually going out to do missions where you get a reward for killing this person or that general etc.
