I was watching a pvp match last night with a jade juju artiste using Guardian Spirit. The ice player against him cast a Weaver that did almost 9K damage and defeated him. The artiste had full pips. Guardian Spirit revived him however he came back to health with his full complement of pips intact.
I have never seen this before, usually when Guardian Spirit revives a player, the player only comes back with one pip.
On a side note, I do not think Guardian Spirit should give the player who uses it a free reshuffle. That is just wrong.