My decision to be in 3rd person has very little to do with admiring my character. I simply like to have more of a view of what's around me. This is intensely useful when in battle and outdoors where there's a likelihood of being attacked from any angle. Not so much in towns or indoors in peaceful places. (that said, I frequently just stay in 3rd person in dungeons because attacks are imminent. When I clear them, I'll switch to 1st person.)
The problem with battle in 1st person is you have a poor perception of depth/distance, and if you're a melee character, this becomes a problem. Also, your gear like shields and swords can obscure your vision. It's just more tactically sound to battle in 3rd person, especially because you can see more area around you and defend yourself against multiple enemies more effectively.
1st person lends itself to more immersion, but due to the disadvantages in battle and open terrain, I find a compromise to be good enough.
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