Dude, that depends on engine and hardware
I also hate the fact that you need to spend $500-$1000 on a computer just to play the latest $50 game (or you have to buy a console which I will never do because I hate console games).
And why would a 3D engine restrict the viewing possibilities to first person? You CAN have isometric just as easy as any other viewing point (if you know how to code it which usually is not the problem).
Yes first person view is what I have difficulties with. I think the problem is the field of view is way too small.
I would like to add though that it is way harder to make the death scenes look good with the regular 3d engine because of all the bloody mess (hard to "demolish" the models in real time). Though this might not be a problem soon (After the cows have fallen). Apparently, he's not a 3D wiz but it's pretty cool anyway.
Yeah I don't know how they did that in Fallout. From what I've been told, once a model is skinned in 3D Max, you can't change the mesh without having to re-skin it.
These are some other reasons why I hate 3D as a developer:
1) You need an army of artists to make the game look good.
2) You need a ton of cash to pay the artists.
3) You have to grovel to publishers to get the cash and you have to give up your IP.
4) You have to please the publishers by making games targeted at the masses.
5) Making games for the masses means making games for low brows, which is not what I want to do.
In my opinion 3D is bad news for the types of games we like, because the customer base isn't large enough to support the insane art budgets.
The only way I'd start making 3D games, is if it were possible to make them look as good as Fallout or Baldur's Gate on an Indie art budget and that isn't going to happen any time soon.