This is just my take on the subject, but if you look at today's digital entertainment and media market - the technologies used as well as the methods of keeping you entertained is very advanced and well done.
Personally I prefer playing games like Gears of War, God of War, Grand Theft Auto and a bit of Call of Duty on the side but the most important factor to me is the aestheticism factor of the game world. So yes, I guess that's where third person would ultimately destroy first person: you get to experience comprehensive and "rich" characters and not just the world.
But market wise, players tend to want to be the character, feel him/her, see what they see. So thus the detail of first person games are greater (just a notch, don't shoot me down now) to make you feel as if you truly are the character. To make it realistically believable that you are seeing what they see.
My final opinion on the subject is that if you look at today's digital entertainment and media market, the era calls for a mixture of the two. Some games make use of both view methods to create an original and compelling experience for the players.
So I say, there isn't really a winner to me, just personal taste.
Some might like a first person view even in games like God of War, where others want a third person view in games like Call of Duty.
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