well plus there are games that simply cannot be done in first person view (Jedi Knight Series minus Dark Forces I).
As for a FPS version of Gear of War? I don't think it would work. 90% of games these days sell on graphics. And with each 'next gen' console the biggest selling point is the graphics. And the same for PC Gaming. But with GOW I don't think you could do the gameplay mechanics justice with first person view, not to mention this is really the first 'showcase' of the Unreal 3 engine, and what it's capable of, ala Doom 3.
Plus it's nice to see Epic do something different then another Madden'ish series of UT.
And overall I think you'll see alot more 3rd person view games on the 360 and PS3 to show off the graphics, unless they are games like PGR3 where the interior of the car looks just as impressive as the outside.
But I'm happy with the slower paced type games as I sure as hell can't compete with my Quake 1 days anymore, I'm just not a spazing jump/rocket monkey