Hi. The rules for character death seem very punitive. If I get hit with a sword at first level (and have 1 Armour, say), I will take 3 Wounds and immediately have a 50-50 chance of dying. Is that right?
Yes, that is correct :) The game (like many other old school D&D inspired games) encourages players to be careful in the early game and find ways to either avoid combat, or stack the odds heavily in their favour if they need to fight.