Well... I always like my level to revert BACK to the time of before the player died, so what I normally do is have the checkpoints perform an autosave (quicksave) and then I have a global script perform a quickload if the player died (health=0).
There are a few pros and cons to this, however. First, the quickload loads up the player's lives at time of reaching the checkpoint, effectively negating the use of lives. Second, if the version you're using doesn't have a proper save routine, some things in the level may not have loaded properly. But, depending on your situation, it may more pertinent for the level to revert (and force things back into position) upon the player's death.
As for the black screen, that is a bug in PB. The same happens when completing a level (When it's supposed to fade to black). It's on the list of bugs to be fixed already.
The one and only,