You know. It really depends on what the 3rd person game is trying to do.
Mario 64 and the many platform games work when:
A)It has a descent Camera and forgiving controls and game design. Mario 64 was the best and possible still the best 3rd person game. It have very forgiving controls and level design. The only problem with controls was the very hard to pull of wall jump. However Mario Sunshine gave it a more forgiving "slide" controls and it made the game that much more playable.
B)Make the controls simple, not complex. The spy stealth games are becoming annoyingly hard to play because they have just too much for you to do and take in. To play the game you must control the character, the camera, and now what each of the 6 or more buttons do to help you throughout the game. There is just too much to juggle, and when you add in having to be stealthy, and advanced AI that are able to kill you in a few hits it becomes frustrating. Simple controls work best. Metal Gear Solid has huge depth, but still overall his moves are rather limited, and since you don't have to control the camera it makes it much easier. Last, they gave you a very functional map. The game design simplied the complex tasks it asked you to do.
C)Smart AI, but not Genius AI. Every company is now pushing greater and smarter AI. They seem to think the better and more responsive the AI we design the better game we can create. This isn't completely true. You want to design fun AI, not just smart and challenging AI. I don't want AI to feel mechanical and stupid, but I don't want them so smart that when facing 3 or more of them I can't survive at all. Again Metal Gear Solid is a good example of good balance. The AI is smart, but you can bet them and they do fairly stupid things still.
Basically, you have to be extra careful when designing 3rd person games. Game Design, controls, Camera, and level design takes on much greater importance to creating a functional fun game.
For the most part 1st person games, and 2D games don't have this problem as much.