depends on the game, like Fable for example, would be horrible in 1st person, but games like Call of Duty would suck if they where in 3rd, so it all depends.
i'd say both.. i like games on the computer and such were you can like, scroll up on the mouse wheel and it will zoom in and go into first person and scroll out to go into 3rd. but for things that you can't do that on, i like 3rd person... gears of war!!!!