Agent-94: It is more immersive but it makes buying nice clothes pointless.
I thought you can still see your clothes when you look down?
Anyway, I don't think it's pointless. 99% of the time, I'm not staring at myself in a mirror, and I'm also not staring at my car from the outside. I still like to dress well, look nice, and have a nice looking car. Even games like the Need For Speed Underground series where there's quite a bit of focus on the looks of your car, I always drive in "first person" (actually bumper view because there's no cockpit/dashboard view) but it's still nice knowing you got a nice looking car and seeing it when you're in the garage :)
As for my thoughts on FPP.. yes, I love it, and this means CP2077 might be the first CDPR game I will actually buy at some point. Third person is a complete turn off for me. I can sort of tolerate it in a handful games (Max Payne, Life is Strange) but usually I just can't tolerate it. For example, the cover system is Deus Ex: HR is useless to me because I don't want to hide behind a desk IN THIRD PERSON!