Not sure where I read it, but I'm pretty sure the death penalty is just the time lost.  Might actually be for the tooltip for the countdown timer when you're dead, though, I'm not sure.

About Pantheon, then no, there's no way to play an arranged team in that, which is partly the point I guess. but yeah, would be nice if you could form a party with friends

Thank you for the replies.

I am initially disappointed to hear the lack of significant death penalty; this definitely dulls strategies from DotA.

As a follow-up to the AT question, do custom games carry records or rankings in any form? I've always found record keeping to warp the game into a means to an ends rather than an ends in itself--record whores start coming into existance.

Kiling them still removes them from defending their towers and teleports are much more limited then in DoTA so it can take them longer to get back. In DoTA you can get those 2200 boots that not only give you 90 move speed but gives a short cooldown teleport that can be used on any unit on your side. Or you have units like the dark seer that can just use an ability to run really fast. Plus the demi-god one fits better as the game itself has a very soft learning curve. If anything the DoTA one is too harsh with how fast you can be killed by just being in the wrong place at the wrong time.

Added to the fact that he/she can push you back significantly as you lumber back to rebuild your front.  Since this game primarily revolves around "Fronts", build up prescense in an area, defend it and slowly creep forward till you own the map and can go after the citadel.