I like to think I can write in most viewpoints. You know, it's a magical thing that the writer can tell his story as an observer or as a participant and there are many narrative positions to write from, not just the three all mentioned above. The POV will influence the way characters and events are presented. I mean, this may seem silly, but consider how different Cinderella would be if told by Cinderella herself, or even the handsome prince, or by a third narrator who sympathises with the ugly sisters, rather than by a detached observer who sees both sides objectively. Any other version of Cinderella would involve differencesin style as well as interpretation of the story, or the information in the story.
To me, 1st person provides authenticity and involvement. It's a story personally told. The story belongs to the character telling the story and there is no room for detachment. 1st person is limited to what one person could reasonably experience. The problem here is that, because of his involvement in the story, he may misinterpret causes or motives. The 1st person narrator present things as a product of their own personality, and the reader will notice possible prejudice in the telling.
The Direct Observer POV is another narrative probability. This kind of narrator is not tied to the time and place of the action, and can, by selecting the appropriate material, make the story move quickly. As an observer, the narrator cannot reveal all that is happening inside the minds of characters, unlike the omniscient observer, who has the advantage of being entirely trustworthy in the presentation of the story, as he sees everything he wants to see, even into the minds of his characters.
The problem here is that the omniscient observer can sometimes seem to know too much, and the intimacy that draws a reader into the story as an excited participant may be lost.
There is a beautifully written short story by Isaac Asimov called The Last Question and is to me, the ultimate example of omniscient narration.