I actually had some reservations about the 1st person view myself, at least initially. But after looking at the screenshots and watching the gameplay movies, I realized how wrong I was. You can still fight and explore in third-person, which looks great, and you can get a much fuller, more complete view of the environment. But to quell your fears, Lab, I don't think that isometric is dead. Look here: http://www.gamespot.com/pc/rpg/sacred/index.html
Sacred looks like it's going to be a very good, solid game. You can also download the demo, which I highly recommend. The character models are all 3d, on a 2d background, and it looks beautiful. If they made a sequel to Arcanum with similar graphics and camera angle, I would be very happy. And you can ride horses, to boot! I've been waiting a long time for an RPG that allows riding.
Anyway, if you haven't looked at the Vampire movies yet, watch them and then tell me what you think.
I remember the C64, but not exactly what it was. Care to refresh my memory? My family used to have a 386, and then a 486, which went down in Y2K. Yeah, so it wasn't all media hype.