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In all bethesda games with it i usually switch periodically between them for what feels right. For basic combat in most i use 1st of course. In oblivion i did mess with 3rd and found it to be alot of fun.
The big H. http://www.youtube.com/watch?v=jfxsN423EVs
I will try to play in the third-person perspective as much as possible. I hope it's good this time around. I know people can be harsh on anyone who is critical of these games, but the third-person in Oblivion was practically useless, and not much to look at.