It depends on the game, and the mood I'm in. On Halo I like 1st person, but Star Wars Battlefield I prefer 3rd person. I wonder if I would prefer 3rd person in Halo though if they offered it.
it depends on the game imagine playing gears of war in first person or 007 goldeneye in third person for me it doesn't really matter what view but in fallout 3 i had more in first person than third person
They're both excellent, but I feel I like 1st person perspectives more.
They tend to put you (quite literally) in the shoes of the character and what they're seeing and (to some extent) experiencing. For certain games (especially horror games) I find the 1st person perspective is a lot better at capturing atmosphere and delivering, and conveying the emotions and feelings they want to the player.
3rd person perspectives however are more cinematic. They don't always give the same.. integrated experience, but they do in a lot of ways, make the story being told more.. movie like; they also incorporate a lot more cutscenes because they actually have to render the player model, adding to the cinematic effect.
