It is a third person shooter unless you have a scoped weapon at which point when aiming you view through the scope. If your crosshairs are on a target at point blank you will hit, but as with all third person shooters getting your crosshair on a very agile up close enemy isn't always a cake walk. It is very much a Borderlands type combat setup. Not much else I can really say without violating the non-disclosure however. I've had a blast playing it even though there seems to be quite a bit left out of this early beta.
As an alpha player I can say this game is pretty good. Could be a good MMORPG fps they just need to work out a few bugs.
I wonder how well the Third Person part will work in PVP. Every game that has ever had it for multiplayer shooter has always sort of failed. The simple matter is it made ambushing easy since just putting your back to a wall, boulder or other construct or piece of terrain enabled you to see over or around that piece of terrain without actually having to look.
All I can disclose is that, how the Multiplayer plays out, it very cleverly done and well though out with some random encounters as well, I can't say anymore without breaking the you know what. The game is pretty good can't wait for the future betas and what they will release in them!