I liked the first person concept. It made battle alot quicker, not having to see battle animation. Nothing against battle animation, just..well, it was quicker.
I was also extremely impressed (and grateful) for the rolling HP meter situation they stuck in there. Now THAT was ingenious! KO'd when you know your enemy has like 1 HP left and you just want ONE MORE ATTACK!? Earthbound lets you do that. Fantastic.