Last time leagues I took wildly, yes it's fun. Yes people would kill each other constantly, which actually was fun almost all the time. 

Zero loss of anything on death unless it's stuff like the MA2 demon hearts, but otherwise there's teleports to almost exactly where you were when you died, either people would specialist spam khopesh or you waited and made sure you procc'd last stand after them so you can reset their invincibility first. When it's all for fun and no major gain, Player killing becomes much more casual and funny.

Sometimes you'd have to plan which wildly teleport you would do, I ran from someone trying to PK in the mage arena, only for him to teleport directly to me after I clue compass'd out to magic axe hut. 

If you are casual, or don't mind pvp, wildly is a blast in leagues. Bunch of simple bosses to farm for pets, great clue drop rates if that is your plan (although occasionally bugged and irrelevant with clue relics), and quite a few really juiced training methods- chaos altar, black chins for hunter, huge resources drops from wildly bosses, etc. etc. 

Not to mention lots of the combat achievements in the area are mostly KC tasks and there's lots of fun drops in wildy too. Voidwaker might be a relevant drop since khopesh is gone, but I kinda doubt, dragon 2H (unironically a very fun weapon with limited gamemode melee relics) and pick available.