I'm on Spak-Spang's side here. On top of knowing where my vehicle is compared to the other cars in third person, I find that many first-person views don't give an accurate feel for being in the car...it's more like I'm tied to the grille.
It's a matter o' taste I guess. I think first-person sword fighting could be great if it's designed properly. Even if it's gesture-based instead of 1:1, the trick is to make it more complex. Red Steel may be better than we think, I think we've been seeing the same couple of level 1 sword fights, I'm hopeful that as the game progresses, it will be like DK Jungle Beat or the Punch-Out games, where you have to block several attacks and look for just the right opening to counter.
I also doubt that Dragon Quest will make launch, especially in North America. I hope it does well, though.