First person is great for looting in Elder Scrolls and Fallout.
I've been switching back and forth between 1st person and 3rd person servers in DayZ. I like the immersion of 1st person but, the field of view is so much better in 3rd and I like to look at my guy running around on long treks. I open my inventory far too much in 1st person. Also in 3rd person your perspective is slightly to the left so you can't get a straight on look unless you're in 1st person.