What are the penalties upon death? I know money is lost, but how much? Is it a percentage of money in hand, or is it based on level? Are stats affected? How much progress do you lose? Do you lose any items in your inventory? Do the enemies reset? Do you go to the nearest checkpoint or the last one triggered (with the "saving" Borderlands logo)?
When you run out of health points in Borderlands 2 you enter a 'Last Stand'-style mode, on your knees and able to crawl very slowly. If you manage to get a kill with your parting shots (or an enemy you set on fire/acid/shock burns down on its own) you can gain a second wind, reviving yourself with a bit of health.
Alternatively a team mate can revive you, similar to in other first person shooters (ie: Left 4 Dead)
If you are not revived in time, you will die and be reconstructed at your last New-U Station, for which you will be charged a reconstruction fee. The fee for respawning at a New-U station costs 7% of a character's money. For example, if the character carries $1,000, the fee would be $70.
A lot of questions were asked here about the inevitable death you will experience in borderlands 2.
What are the penalties upon death?
I know money is lost, but how much? Is it a percentage of money in hand, or is it based on level?
7% of the money you have on hand is lost.
Are stats affected?
How much progress do you lose?
Define progress. If you or your entire party dies at the same time against a boss, you will have to do the boss fight over. If you are on a timed quest and you die, you will still have the remaining time left to try and complete the quest. There is no penalty for quests that have you discover / collect / kill / talk to someone / etc. if you die mid quest.
Do you lose any items in your inventory?
No, In fact, your ammo will respawn.
Do the enemies reset?
It depends on the time it takes to get back to that enemy which killed you (as mentioned above). Loot chests will however not respawn, and some items may despawn. Mostly whites.
Do you go to the nearest checkpoint or the last one triggered (with the "saving" Borderlands logo)?
Yes or the nearest new-u station if you haven't triggered any save station.