Are there any games that have been released within the last five years or so (or that have a healthy population and/or active development) where death is more than a minor annoyance?
Although not really an MMO, ARK Survival Evolved would fit the bill but that's not D&D style fantasy.
I am thinking Legends of Aria could work (even if it has problems) or Darkfall New Dawn, if it still exists.
I don't need the game to be perfect - I just need that risk vs. reward in order to not have it turn into mindless button mashing where I don't really pay attention.
I like ESO a lot, for instance, but the lack of incentives to avoid death + the level scaling makes it a bit hollow for me. I'd go play EQ emulators but it'd be nice to play something fresh if possible. EVE is great but not really what I am looking for as I feel the urge to play something with traditional swords and sorcery.