I thought the only first-person entry into the franchise was DARK MESSIAH of Might & Magic (which, coincidentally, is the reason I got incredibly hyped when I first saw this thread).
For those saying Obsidian... um, they suck at 3D games. Their level design and basic interactivity stuff is always bad. They do good at making RPGs, but that practical knowledge never seems to work well in a 3D environment (hi, Alpha Protocol and New Vegas).
So you've never heard of the nine-game Might & Magic first person RPG series? Huh. Look it up; they're somewhat odd games, but the sixth through eighth ones are good, anyway (though do install the fan fix-patches). The first five games are badly dated by today's standards (unless you like '80s-style first-person RPGs, but that's never really been my thing, not in its original form like you see in those games), but 6-8 are still playable and fun. Weird and somewhat low budget in ways, but fun stuff.
There was also the late '90s multiplayer-only FPS Legends of Might & Magic; that was the first Might & Magic-universe FPS, not Dark Messiah. Naturally though, as it was multiplayer only, it's not too playable today, and it was only okay anyway. Dark Messiah's a better game than that for sure. (My only complaint with Dark Messiah (on the PC) was that it crashed CONSTANTLY... other than that though, good game.)
Back in the '90s I didn't play the Might & Magic games, only Heroes of Might & Magic and some demos of the spinoffs (Crusaders, Legends), but I got all of them more recently, thanks to online sales and such, and yeah, M&M 6-8 are interesting games. Heroes 2 is still my favorite game in the franchise, but they are interesting.