What's the story with the Aim Down the Sight mechanic? And is Fallout: New Vegas still support first-person and third-person viewing modes?

First- and third-person modes are in, and we've tweaked the third-person camera to be a bit more useful. In first-person mode, iron sights can be used with most weapons. The only exceptions are ones like the Grenade Machine Gun that are enormous and fire from the hip, and guns that have an actual sight on them (like sniper rifles and weapons modded with a physical sight). You just hold down the button and the camera zooms to show the weapon's iron sight instead of a crosshair. It's very useful for combat outside of VATS mode.

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"You just hold down the button and the camera zooms to show the weapon's iron sight instead of a crosshair."

How do I do that? (I'm on the Xbox 360 version)

yeah its in setttings then gameplay i think

Oh woops, stupid moment for me. I didn't realize he was only talking about true iron sites mode.