I personally prefer first person. While the others can certainly be fun, they all feel like you're controlling a character. Only first person feels like you're actually controlling yourself. That's why I also prefer inverted mouselook, but that's another topic. This is especially true if you look down and see your body/legs, and if your silhouette casts realtime shadows when you're next to a wall, like Fear is doing when I'm replaying it now.