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Board Thread:Series general discussion/@comment-33613612-20171110182646/@comment-1888015-20171111034357
It varies by interpretation. Previous entries used something of a "puppeteering" system, whereas nowadays it seems to imply that it's a first-person perspective for the user experiencing the simulation, with their sub-conscious acting as a barrier to entry for the "ancestor", and third person only exists since we're playing the game as an outsider to the the lore of the AC universe.