The reason I like PVP in games like FPS shooters is because dying just means you failed to capture your objective and you need to wait to respawn and travel to an objective again. Secondly, you are guaranteed to have a bunch of people on both teams, although it's possible if you're scouting alone or skirmishing to distract or just goofing off you could get attacked by a half dozen guys. Third, the teams are generally even, and any disparity in stats can be made up for in luck or player skill.
H&H featured harsh penalties for death, long recovery time, lonesome play, other players are almost guaranteed to attack in groups that outnumber you, and stats matter far, far more than player skill.
A game like Ultima Online allowed you to level up to a point where you could PVP in a few weeks, max out a little while later, and wearing standard NPC-purchased gear you could survive an ambush or ambush someone and have a reasonable chance of success. The disparity between a 3-week character and a 1-year character was not so completely overwhelming as it was in H&H. And player skill made a significant difference. There were also guarded towns where a newbie could find safety, meaning the whole world wasn't a free-for-all.
Similarly, a lot of FPS shooters feature spawn protection, whether a short invincibility duration or a spawn room that's extremely easy to defend and/or injures enemies who enter it.
I'd also appreciate a "newbie protection" period where players get a high reputation / criminal hit for killing the newbie, but it goes away after X amount of time or the first time the newbie raises a skill to a journeyman-level or obtains a personal wealth over X amount.