fiction - What is the difference between writing in the first and the third person?

What kind of story is better suited for each point of view? Are there advantages or disadvantages inherent to them?

For example, writing in the first person you are always following a character, while in the third person you can "jump" between story lines.

Answer

With a story in first person, you are intending the reader to become much more attached to the main character. Since the reader sees what that character sees and feels what that character feels, the reader will have an emotional investment in that character. Third person does not have this close tie; a reader can become emotionally invested but it will not be as strong as it will be in first person.

Contrarily, you cannot have multiple point characters when you use first person without extremely clever craftsmanship. You could not subtly move from one perspective to another, and even risk confusing the reader when you do so, which is one of the most egregious crimes any writer can commit. First person stories cannot have the main character die except at the very end, whereas third person stories may be able to use the possible imminent death of any given character as a means for suspense.

Generally, it's a case of emotional attachment vs. utility. It is plain easier to write in the third person, but if you can pull off first person and your story is a good fit for it, it can be a very powerful tool.