Point of view (or POV)is the lens by which the reader absorbs the story. So, when I want to draw an intimate picture of a character and his life, I go for the first person point of view. And intimate is the key word. We get to hear and see what that one person experiences. We see what he sees, hear what he hears and feel what he feels. If the person is also the main character, so much the better, although 1st POV need not be the MC.
It is also fraught with danger. It tends to narrow the focus to a single person. Everything is reduced to what that speaker experiences. There is also the matter of skewing the perspective toward one compatible to the narrator. Since first person POV is highly subjective, it also leads to a higher level of unreliability on the narrator part, even if the narrator does lie or obfuscate on purpose. And if he comes off as someone that the reader can not sympathize with, the reader may disengage from the story all together.
Of course, the same narrow focus has other advantages beside intimacy. If the writer wants to keep certain things secret or deliberately shape the perception of a given event a certain way, then this might be the way to go. After all the reader can only know (for certain, smart readers will guess, sometimes wildly, what is really going on) for certain what the character knows. He has no other source of information to draw from. It also allows the writer to ignore extraneous details necessary in other points of view.
In essence, the first person POV is a character on too itself, and should be treated as such. I also believe that there is no such thing as a fourth wall when using this POV because it works on the fiction that character-narrator is speaking directly to the reader. This allows for observations that in other forms would break the the fourth wall and perhaps yank the reader from their suspension of disbelief.
So, if you (the writer) wants a tightly focused, intimate POV which allows for the maximum control of information and don’t want to bother to much with the fourth wall, then this is the point of view for you.
In my humble opinion, of course. 😉