Like First Person , but in a third person prospective, like if you were looking at the character's backside or front side of the body. this point of view is used for many game because it works with many type of game features, like camera positioning (so you can get great view around the characters surroundings, or your playing Tomb Raider, get a great view of Croft's rear). 

there are very great games that fall into Third Person: Resident Evil (Bio Hazard in Japan), Devil May Cry, latest of The Legend Zelda series, etc.