Everquest just recently opened a new server with a ruleset like you describe. You can only create 1 character on the server, and once you die, you're dead; Time to start over. It was designed to promote a more fast paced MMOPVP environment. As such, experience/cash multipliers are set much higher than on normal servers, and the level cap is set to 50 instead of the max on other servers, 65. They also remove all of the expansion content on this server, limiting gameplay to just the 3 original EQ continents.
Of course, I dont play anymore so I have no idea how well this is working out. But from those I still talk to, it sounds like a hoot.