I've had a couple of encounters so far where I stumbled into enemies that were higher level than expected and gotten wiped out. At the game over screen, I chose the option "Continue". After doing so, I didn't notice any negative consequences. I was plopped back just a few metres from the area I died, and was free to continue on as if nothing had happened. Am I missing something? Is there some negative effect from a party wipe?
The option "Continue" just means "load the lastest save". Dragon Age Inquisition uses the autosave function which is triggered if you get close to hard fights like bosses and at some random spots that i dont know. To answer your question - there're no negative consequences for loading your last savepoint and it seems that you just triggered an autosave just before your party wiped out. If you look in the menu under "load" you should at least find one autosave.