Ignore the HP and experience stats, the before picture was taken from starting a new game and reloading that pretender file.
Here is the "after" picture. Goodbye rainbow mage! Note the absence of afflictions. Also note, this is AFTER I re-empowered my Pretender back up to Blood 3... sorry, the game goes on and I didn't think to screen capture it right away. So, after death and recall, Myturtalitl had S1B2. It would appear the penalty is TWO levels in every path per death. It really penalizes rainbow mages alot then.
Geez, it's like a 10-step process to add images in this forum.