JDelekto: Isometric view of games is OK, but you see much more than you would normally, so it's like playing the game with ESP.
I think isometric RPGs, as well as strategy games, usually restrict what you can see, ie. if something is around the corner or behind a door, you don't see it. It is hidden from you until one of your party members goes around the corner or opens the door.
I prefer party-based RPGs with the isometric view, as then you can control the party members independently. Party-based RPGs with first person view like Eye of the Beholder, Might&Magic 6-8, Wizardy Gold... They just seem a bit off, as if all your party members are tied together (Siamese quadruplets?) and one of you can't scout ahead.
That's what I did quite often in e.g. Baldur's Gate games and Icewind Dale, ie. I sent my thief character ahead to see if there was an ambush ahead, or to detect traps before other party members trigger them. That just doesn't seem to work the same way with first person view. Or, you might want to surround a single powerful enemy with you characters so that you can attack it from all sides, and make it harder for it do attack your whole party at the same time (like I did with one of those harder dragon battles in Baldur's Gate 2).
For single person RPGs first person view is ok I guess, but it seems to me they tend to be action/RPG hybrids mostly, like the TES series, System Shock 2 etc.
Also, with first person RPGs you tend to get lost more easily. If only the automap of Daggerfall wasn't so hard to use in those twisty dungeons...