Yea this re-entry with no death timer is killing the pk and loads of people are leaving over it. I myself will not pk while this is in place.
this scenario I think is actually a glitch/malfunction, I did a support ticket regarding this
where u leave and cant get back in and in the scenario you haven't had any other chars leave/enter - if you have a 2nd char that was AFK and logged out, you have to log it back in and then you can re-enter without waiting. or if you have two chars in wild that leave the same time i think that can cause it as well.
it also happens sometimes if you have 2 characters in wild, log both out and then try to log in to the one you logged out of last, 120 second wait and you dont even have a single character online in the game. It's broken.
Personally, rather than changing the time delay or fixing the above, it would be better to recode it completely to a 'Death delay' so any kind of death (preferably PVP but if death is easier to code..)
'You have died recently, you cannot enter the wilderness for 30 seconds'
All of these other delays are having way too much impact on normal players doing normal activities, a small delay preventing someone who has immediately exited by death, immediately re-entering to re-join a fight should be sufficient and can toy with 15-45 seconds and see how it goes..