In first person, the whole wall is lit and you can see pretty far, whereas in third person, the torch light is different and it lights up just on a small radius around you.
Here are pics for comparison:
First Person http://i.imgur.com/c3TTwCp.jpg?1
Third Person http://i.imgur.com/5Rk565k.jpg?1
This can be a problem if you’re holding a torch and your friend a weapon, as you can see enemies he doesn’t.
Just a small bug report that I hope the developers see and that it’s easy to fix. (also you can’t hear the sound of the burning torch if you’re not in first person)
(Source: I had the same exact situation happen to me and a friend in legacy, which led us to be killed by zombies, the bug is the same)