I loaded a save game and got the you died screen with all of my things floating in water and on the bank where I spawned at world creation. When I re-spawned, it was in the bed where I last slept BUT I had none of my items. Luckily, I was near my original spawn point and was able to recover my items the first time this happened. It just happened again, but this time instead of spawning at the last spawn point I actually was returned to the original spawn point but this time all of my items weren't there. Interestingly, I didn't lose the 5 experience points I had, the first time I lost everything. I have seen reports of being spawned in the air above the OG spawn point and falling to your death but this is not what is happening.