First person is basically a death sentant for a MMORPG becuase you cant see anything. PVP turns into a "who hides the best wins" insted of a "who is a better player wins".
Trying to warn people of traps would be difficult if not impossible without a mic.
The skill system would have to get a major overhaul just to even attempt to put it in the game.
You lack vision.
That's true for small scale, and you know what? That's how it should be, because that's how it is in real life too.
Now imagine full scale wars and invasions, a la Battle of Whiterun. Imagine team ups for PvE. Imagine arena matches.