Honestly, it all depends on what you're comfortable with for the story. For me, it all depends on the book. I loved reading Harry Potter in third person. Likewise, I loved reading Twilight in first person. What people don't understand about Twilight is, it's from Bella's perspective. Bella isn't that bright, so I don't think she would sound perfectly brilliant on the page. People always mistake Bella's perspective for Stephanie Meyer's writing. I don't think Bella is supposed to sound like a middle-aged mother. As for Harry Potter, it benefits from being in the third person. J.K. Rowling could have a chapter about Voldemort, without Harry knowing what's going on. If it was from Harry's perspective, you wouldn't know about anything Voldemort was actually doing. It would be a guessing game, pretty much. Perhaps, the Harry Potter series would have been interesting to read from Harry's perspective. In Twilight, there's always this bit of mystery, because it's from Bella's perspective. Even though she could see stuff at face value, she didn't have any idea what was really going on. Behind the scenes, Edward was a vampire. She didn't know what she was getting into, when she moved to Forks. If it was from the third person, Twilight would have lost it's mystery. You would basically watch it all play out.
I have experience writing from both third and first person. Again, it depends entirely on the story you're writing. Put yourself in the reader's seat. Would you enjoy your story more if it were from a character's perspective or from an all knowing eye? It's all up to you.
Right now, I'm working on a fantasy series. I'm actually writing it in the first person, which is uncommon for fantasy novels. I can't tell you why I wanted to write in the first person for this story. I just felt compelled to. My heart told me it was the right decision, I guess. The interesting thing with novels is, you can switch it up sometimes. Even though my story is set in the first person, my prologue is actually in the third person. I wouldn't have done that if the story did not permit it. Actually, it's quite common for writers to change perspectives, whilst on the same story. Sorry to bring up Twilight again, but have you looked at Breaking Dawn? It's actually divided into three books. Book one was from Bella's perspective. Book two was from Jacob's perspective. Book three was from Bella's perspective. I'm not going to spoil it, but the story did permit the change of perspectives. It wouldn't have worked if it was from only Bella's perspective, given the situation. I personally didn't like reading from Jacob's perspective, but I see why it was done.
Pros for third person: all knowing eye, able to show what's happening behind the scenes, without the main character knowing what's happening
Pros for first person: better able to relate to the reader, may get the reader glued to the page more, puts the reader in the character's shoes, gives the story a little more mystery because you don't know what's happening behind the scenes
I'd like to mention, even though I'm using first person, not all writer's should. I do well with both first and third, because I've been practicing quite heavily for years. I know, given my age, it doesn't seem so, but I'm very experienced. There is a certain art to writing in the first person. It either works or it doesn't. The biggest problem some writers have with making first person work, is the usage of words such as: I, me, she, he, and etc... It's all about the way the writer structures each sentence. Some writers think that every other sentence has to start with, "I..." or "She..." It absolutely does not. Those writers just need to practice and learn on the job! :)
I hope I helped a bit. Happy holidays!
I'm a seventeen year old writer.