LAST EDITED ON Jul-15-13 AT 00:29 AM (EDT)
 
It works well enough for text adventures (see also: most MU* type games), but it gets old fast in any other setting that I've seen.

Another alternative (and what I suspected you meant to start with, though my suspicion has been proven wrong) would be first person from a minor/throwaway/new character. But since it's already in the works/near completion in third person (which I prefer anyway both as a writer and reader), this is really just pissing in the wind on my part.