I played the opening last night, took a few encampments, and did the first few parts of the main story. The combat is simple and fun. Since I don't have any stances yet, I must dodge and parry before attacking, I may beable to get an opening strike kill on the first guy in a group. After that you'll just get killed recklessly massing heavy and light attack. Shield bearers will strike twice and then you must break their guard with heavy strikes followed by a killing blow with the regular attack. Standard enemies without shields can be instakilled outside of a standoff if you time your held down heavy attack right. Spear carriers cannot be blocked and you must parry their attacks. They go down fast, but they hurt if you get hit. And the brute I encountered is like a spear enemy but he swings his massive weapon 3 times before you can strike him. He doesn't go down quite as easily.
I did my first camp infiltration as a "ghost" and it was pretty fun. You press the touch pad to get enhanced hearing. This will spot every enemy within range through walls. You move much slower in this mode but you can toggle it seamlessly. Since it was the intro to assassinations, I'm sure it was much easier than it will be later down the road. None of the enemies were really crossing paths to where they could see a dead body yet.
I'm not sure the extent to how punishing dying is yet. I died once when I got too confident at the first encampment. I took down several grunts, a brute that kicked my ass because I hadn't grasped his 3 strike attack pattern yet, and then I killed the leader only to get taken out by a grunt that was still around. It made me do the whole encampment again. But I did it with easy the second time since I knew what to look for. I got my first few talent points and I'm going to invest in the blocking tree where I can auto block arrows by holding down the guard button. That seems to be pretty important to my play style. I don't need the dodge roll just yet since the standard parry seems to be very good as is.