Depends on the game. For RPGs or games with silent protagonists, I prefer first person. For platformers or games with largely melee-based combat, I prefer normal third person. For shooters with speaking protagonists, I prefer Dead Space's/Resident Evil 4's over-the-shoulder perspective. Just judging from the games on my favourites list, I'd have to go with first person, since four of my top five favourite games are all first person games (Half-Life 2, Portal, Call of Duty 4, and Minecraft, with the odd one out being Dead Space 2).
