Crytek released this tech demo, showing how their upcoming engine handle different environments. It looks of course good as hell. Update: Keep in mind that this video was shown during E3 (but not released as direct-feed) and that it all should look much better today.
@GriftGFX: He don't like first person view because he likes to see his waifu and husbando's butt cheeks :P (5 Hours ago)
The biggest difference to me is how your character POV changes. I don't mind third person games it just changes engagements a lot when people can see around corners and over high cover etc. (8 Hours ago)