I played the game for a while and died quite a few times myself. I didn't notice any major losses from death, so far it looks like you only loose the time, the drawback of that however, anything you picked up in between your last save point and death, you loose.
This includes the gearbits which means you have to obtain them again. I found this when trying to get a gear bit where you need to take large amounts of fire damage to obtain the gear bit, I have yet to bring it back without dying and loosing it.
There is one benefit to dying, your med-kits get reset to the previous point which means you can plan out your attack much more effectively by not using them until you know you need to.