Sure in your ideology it’s more realistic. But realism sucks ass. Best video games in the world? No where near realistic. Realism blows. The more you try to make things realistic, the shittier the game becomes.
Except there are more popular FPS games then TPS, by far.
I think FPS is clearly better than TPS.
Realism:
More accurate FOV (Field of view, no seeing around corners)
Better control (Counter-Strike movies)
More emphasis on aim and movement (Look at some Quake III movies)
Overall FPS is more accurate, and less random. In TPS games you generally, from the ones I've played, can check around every corner without having to actually peak out, and the actual shooting is more of a long the lines of running and spraying.
Also in my honest opinion Quake IV is a terrible game compared to Quake III, but that's just me, and is pretty off topic.