Project Copernicus wouldn't have waved that fact off as an irrelevant necessity of game mechanics. No, according to R.A. Salvatore, the game world would have explored the meaning behind a world wherein no one truly dies and everyone is functionally immortal.
Players who enjoyed Kingdoms of Amalur: Reckoning will recall that the game opens with the player character returning from death thanks to the Well of Souls. In Project Copernicus, the Well of Souls would have been active not just for one individual but for everyone in the world. Returning from death would be something that happens not just to players but to every part of the world.
It's not hard to imagine the ways in which a world would seem different if death was no longer something to be feared or avoided. Salvatore laments that the concept is unlikely to see execution now, even with buyers looking to purchase the 38 Studios assets from the state of Rhode Island.