Same. I used to like isometric 3rd person, but MW/OB style of having your big bulky character take up 25% of the screen is just too much. I want to be able to see what I'm targeting. It svcks, because I would rather watch my character in action if I could. I tried installing a 3rd person cross-hair mod to try and alleviate my annoyances with trying to target ranged spells in 3rd person, but the character still takes up too much screen space.
I voted for total control. That way I can zoom out and even approximate an isometric view, or watch my character from the front without having to hold down the tab key. I've got addicted to WoW for a while there, and now every time I go back to MW and toggle into 3rd person, I end up rolling the scroll wheel to try and zoom out so I can see more of the screen without my character blocking the way.
I think you hit a bullseye there, 3rd person is all about seeing things from a different perspective, seeing the characters from an unrelated party, however the world still revolves around the player, you can't use 3rd person view, to see anything but the character still, if we could exercise a little more freedom with it such as having the ability to travel with the camera around a radius around the PC, with free full directional movement, then the camera would be perfect.