I'm a new player. I've played two events and died at each of those events. I have, admittedly, gotten in over my head and reckless each of those times. But, to remove any significant risk from this game? I honestly wouldn't play any more. You died and lost some build? Or play time? Okay. You died your last time and had to roll a new character? That has some weight behind it. Especially if you died to save the town, or your friends. Death would have a lot less impact, if not meaningless, if it's effect was less severe.
Maybe it's because the only experience I've had with larp is those two sessions, plus a few podcasts of Empire Larp ( a British based festival larp) but I feel as though death should have MORE of an impact, not less. Yes, it sucks losing a character you have gotten attached to, a little piece of yourself. But, being able to try out new character concepts, new builds, new personalites, that's a lot of the fun of role-playing, in my opinion. I have a few ideas floating around in my head for my next three or four characters, and it excites me to be able to try them out.
And besides, it's not like you are forced to start out at level 1, or 2, or whatever we're going to call it. There is the option, if I recall correctly, to start off as a character at half your current build/XP if you draw a black stone, so not all is lost!
All in all, TL;DR: Perma is not all that bad, in my humble opinion.