I actually like first persons games best as a rule. I like a 3rd person game here and there, but I prefer the first person perspective. That said, I also love RPGs. Too many RPGs that go for a first person perspective suck. Dark messiah of Might and Magic got the first person combat right, but, other than that ended up being pretty shallow. Vampire the Masquerade was great fun, but forced you into 3rd person for Melee combat, and it was buggy as hell. Oblivion and Morrowind both had horrible first person combat...
I'd like to see a First Person RPG with Morrowind level open environments Oblivion's being able to interact with almost any object, Gothic II Night of the Raven's challenge/advancement system (you don't select a class to be at the beginning, you actually have to join work your way up the food chain to join your preferred 'profession' and learn their ways and become the class over the course of the game), Planescape Torment and BGII: Shadow of Amn level story and character interaction, Dark Messiah of Might and Magic's first person melee combat and bow/arrow combat and a magic system that combined the Quest for Glory series spells with Oblivion's spell effect manipulation (creating your own spells) with Gothic IIs magic and Guild War's magic, then follow that up with Half Life 2 level animations and voice acting and the lip syncing facial expression technology therein, along with a massive fully interactive with fully realized LIVING cities and people and completely destructible/deformable/movable/physics enabled EVERYTHING and I mean EVERYTHING.
That said I'd want the actual graphics kept stylized and artistic, not realistic. Something like Guild War's concept art... not how Guild Wars the game looked, but its concept art, a game that looked like a painting... such as things like:
http://news.filefront.com/wp-content/uploads/2008/04/guildwars_petrifiedtree.jpg
and
http://farm1.static.flickr.com/57/177145844_f15c61dc21.jpg
and
http://2black.files.wordpress.com/2007/07/crabfort.jpg
and
http://guildwars.incgamers.com/gallery/data/526/concept3.jpg
and
http://guildwars.gameamp.com/modules/gallery/uploads/23237.jpg
and
http://guildwars.incgamers.com/gallery/data/526/concept2.jpg