My personal preference is 3rd person.
I have read a few 1st person stories, and I must say, I'm not a fan of that point of view. I don't like being so close into a character's mind that everything is from their perspective alone. I am currently reading the "Cirque du Freak" series, and that is written in 1st person, which, like I've said before, is too close for my personal preference. However, I do believe that the 1st person POV works for some stories. Like in "Cirque du Freak", 1st person POV works for those books...if it were in 3rd person, though it would better for my personal preference, it would not be good for the story. 1st person just works for it.
I like to read and write in 3rd person because you can focus on a main character. The author can show the reader what's going on inside of his head while staying "far enough away" that you're not invading his thoughts the entire time. You have free reign to move from character as the story goes along. In 1st person, you kind of have to stay with one person.
That's my two cents on the matter!