Mount & Blade works and I only ever play in first person, so yes.
What makes it a role playing game though? Serious question.
But don't tell me "CUZ IZ CAN PLAY SWORDMAN FROM ANCIENT TIMEZ!". Because with that logic Doom would be as well an RPG because you "role play" a spehs'smarine killing demons. In spehs.
That is a strange question to ask in such a rethoric "I bet you can't answer it"-manner... :S
Mount and Blade is full of role-play, it is even more sandboxy than most games brag to be
1. Strict character creation, you create a character that you must specialize from the beginning. This is daunting to a noob to it, such as a regular Fallout-player, who expects to balance all skills equally - especially later in the game. Here, forget about that - you will specialize because nobody can do everything. You also design your own face, with the same detail as in Oblivion - except less dumb looking.
2. Experience, killing and solving quests gives you experience, similar to Fallout, in that single enemies give a small ammount, while solving quests give a big ammount.
3. Quests, both Fed-Ex quests and combat quests, as well as more complex prison-breaks and such, these are all "randomized". There are also hidden quests, every here and there you'll find usurpers to other thrones, aiding them will start questlines of civil war and rebellion in certain kingdoms.
Most importantly, player choice for his/her own fate - do you want to serve a King loyally, and through him earn land and authority? Maybe you want to pretend to serve the king, only to gain power, and then turn it against him? Maybe you want none of that, and to just ride the lands, aiding farmers and such - villages offer quests, Fed-Ex types, as well as defense from banditry. Hell, BE the bandit! Like in Fallout, being an active outlaw is generally a bad idea, but there's nothing stopping you.
It also has some strong rpg-elements I miss in other rpgs, for example, it takes passage of time seriously - there are "skill books" in the game, but they sure don't take *a moment* to read, not even a day - but many, several days. It requires real patience to get favorite swords and armors and such, and it requires pisssloads of in-game money, which you must quest your ass off to earn. Levelling is also very steep, which prevents a "fully balanced" player, since it takes a lot of levelling up to really sharpen a favorite combat-skill, leaving all other skills ignored. These skills are represented instead by carefully selected and honed companions (who also have other minor features for you, more role-play!)
And you can get married.
Granted, it doesn't have the in-depth storyline as Morrowind, and you can't pick up wooden spoons insisting on selling them as loot, but there's absolutely no reason to "confront" Mount and Blade for not really being a role-play game.
That said, I dunno why it's being discussed here, cus it's not really a FPS (as ChildServices implies) but a.. well.. RPG!
(does it show that I really like this game? Seriously, just try it. And remember, M&B: Warband, it's the same as M&B just consider it a "fully concieved" version. The graphics aren't as bad as you might think. They're dated, sure, but it's really not that bad, and horse-riding! Horse-riding! Wheee! And not like in stupid Oblivion either, you ride your horse, raise your sword, and swoop that blade through peoples faces like a boss!)