It's ironic that third person cover-based shooters are more "realistic" than first person shooters, even though you can see your little guy running around and are less immersed.
In real life, you can't run 15 miles an hour, and do so just as fast front, back, side-to-side (front front back back side-to-side). It's why 3rd Person shooters, with their worlds full of convenient chest high walls, will always have a place.