Like I said, it depends on where you are at the moment. If you're travelling in the open world, near civlisation there's a high chance of being spotted and possibly saved. If it's further away from a city, maybe in the wilderness but still somewhat near a smaller town or such, there's a smaller chance to be rescued by a villager who's out to hunt deer or chop wood etc. If it's in the woods, just a very slim chance to survive, if there happens to be a pilgrim or traveler or whatever is out there that's friendly enough to care about your life.
If however you're located in the middle of effing nowhere, or in a dungeon surrounded by spiders, goblins or crazy nords you could just go ahead and press that quick-load button right ahead.
I think this feature would be a nice thing to have around, it could also mean that Bethesda may have more option to play around with the difficulty of the game, and it tells you that it's okay to lose once in a while. As it is right now, die and you svck, game over man, reload and do better or don't do it at all.
Edit: To make a more detailed list of what I have in mind:
*If you die nearby a capital city, the odds of being saved are not high, but still a possibility.
*If you die near a smaller village, the odds of being saved is slim. Don't rely on it.
*If you die in the wilderness, wish you had brought potions.
*If you die in a dungeon, reload your game.
*If you die versus a dragon, daedra, or had several sharp objects pierced through your gut along with alot of broken bones, you're dead. Period.
*Let's say you just got out of a tough fight, you're back to full fatigue but still got 1 HP left and something weak decides to pray on you near a safe spot. You fall to the ground, you collapse, pass out. But since your fatigue is still full you have still have the power left to hold out for a moment, possibly long enough for someone to save your life. Nothing major.
*If your fatigue is zero when your HP reaches zero, well, you're dead. There's not much strength left in you at all.
The odds for survival are very low regardless of area. Death is still to be avoided.