DayZ allows you to use first or third person and it's a big debate within the community. The hardcore players are all about first person. Also third allows you to see over walls and stuffs so that can be seen as cheating since the game is so based on realism and survival. But, I believe you only get a 70-90 degree view in first person and a 180 degree in third.

If I'm traveling I'm almost always in third. If I'm scoping something out I'll go to first. Looting depends on the location and if it's dark out or not.