POV results in jarring perspective changes and it makes it harder for the viewer to orient themselves and understand what is going on. Historically there were also technical obstacles, but steadicam + digital video make it more feasible. Another problem is it makes staging more difficult for obvious reasons.
A good example of POV film-making is the British comedy Peep Show, which I found almost unwatchable at first because of the jarring shifts in perspective. Still a great show, but the POV is mostly a gimmick you have to get used to rather than a benefit:
Peep Show's unique "point of view" shooting style was one of the reasons for its success, but it also stopped it being a breakout hit, said one of the team behind it.
"It made it feel original and fresh and got it commissioned for a second series, but it stopped it from being a breakout hit and stopped it finding a bigger audience," said Andrew O'Connor, chief executive of production company Objective Productions.
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