I too mostly prefer the idea of removing most immunity abilities completely, or at the least creating a new category of distinct-castbar boss skills against which immunities cannot prevent death or must have an overkill margin of less than X% for death to be prevented.
Ideally, I'd like for them to have a sort of utility that functions similarly in purpose to Immunities, in some cases, that follows organically from unique effects.
Let's take Superbolide for instance. At present, it's just a greatly inferior Hallowed Ground. But what if we could make that 1 HP thing... make sense? For instance:
ORSuperbolide: Reduces you to 1 HP, instantly shielding you for half of your health removed in addition to a further 30% of your maximum HP. This shield stacks with other damage-preventing effects, but fades continuously over 6 seconds. 240-second cooldown.
Both are strong. Really strong. But, they both have interplay with healing and neither can single-handedly allow you to survive anything and everything. The first will require that you're quickly healed or it will either waste some of the shield and/or be an outright eHP loss. The second will only really protect you from follow-up auto-attacks, though it can make for some jaw-clenching moments of critical HP sustain and efficiency-centric risk-vs-reward play.Superbolide: For the next 6 seconds, your damage taken is reduced by your missing %HP, to a maximum of 75% reduction. (E.g. at 1/2 HP, you take only 2/3s the normal damage, at 1/3s you take only 1/2 damage, and at 1/5th HP or lower, you take 3/4 less damage.)
Edit: I still favor the 'Purgatory' debuff fix to Living Dead, even if it would technically be a nerf.
Let Paladin have the only true Immunity/Invincibility, but at cost to mitigation resources elsewhere. Holmgang could more or less copy this mechanic from Living Dead as well to better balance it, so that it's granting no free mitigation. Moreover, all three "immunities" would have certain skills they quite simply cannot prevent death or damage from, or must have an overkill margin less than X% to survive.Living Dead: Would-be fatal damage taken over the next 10 seconds activates Walking Dead.
Walking Dead: For the next ten seconds, you cannot die but each instance of damage that would otherwise kill you generates Mortal Coil, a healing-absorption effect equal to the damage prevented. Mortal Coil cannot exceed your maximum HP at any given time and is reduced by 1 point for each point of would-be healing received. If Immortal Coil remains after 10 seconds, you die.
Note: the value remaining on Mortal Coil will be indicated by a red shield graphic over one's health bar equal to the amount.