I know that 3rd person will be an option but will they still allow a 1st person view just like what was offered in I-V?

Yes, as with any MMO you can zoom your camera all the way in for 1st person view. But being that it is an MMO in group and PvP situations 3rd person view is best.

As Pangscar said you will most likely be able to play in first person by zooming in like other MMOs. This normally doesn't show weapons/attacks like a traditional TES game however, it will just be a first person camera for looking around the environment rather than combat.

The games combat and skills are being made with third person combat in mind so you will likely have to play most of the game in it.