Kiva nails my thoughts on so much of this topic and it also a topic that I think about quite a bit. I will also say that I can pretty much find agreement with everyone else's posts as well as there really isn't a "wrong" or "right" way to write stories- though, I would say that Kiva's guide of Pros and Cons would make you better at your chosen style.
For me, the biggest factor is "for what purpose" are you writing the story- especially, since most of us aren't getting paid for this and doing it as a hobby. For me, I love to emotionally explore and live vicariously through my stories- meaning they are primarily written for myself (and my husband) but some of my favorite things to do are to tease, entertain and weave in things that other people have asked me for or that I have figured out that readers like into my stories. Which is why I used to do requests and still try to do collaborations (Hi Kiva!). Since, I am primarily writing for myself (fitting for someone writing in 1st person, eh?), I would take any of my advice with a grain of salt.. especially since I'm probably the least technical writer in this thread.
One of the things I have a love/hate relationship with is the "limited information" that occurs when writing in first person. Usually I do a ton of background work into creating my characters, venues, etc. a lot of the stuff doesn't get into the stories because story "Kelli" doesn't have access to the information.
The reason I give everything such deep backgrounds is because I find it helps me to keep the characters logical, realistic and authentic. Besides extra character development, it the biggest reason I enjoy writing "The Catpin Chronicles" and the MvsM series. I get to use a lot of that stuff and practice writing from other perspectives (some are 1st person narrative and some are 3rd person narratives).
Also, I do understand the possible issues with writing from the PoV of the opposite sex, but...
1. It can be fun and/or very interesting for someone who really like to "feel" their own stories. For example it wrote a story from my ex husband's perspective as I fought his wife. It still is one of my favorite stories, though it is one of the most emotionally challenging ones I've written (there's a lot of my real history on it).
2. If you really reason through the character and why "they do what they do" I doubt anyone will even notice since you're telling a compelling story.
And 3. Personally, I'm fascinated with the differences between men and women. Getting the opportunity to really climb into a man's head and try to think the way he thinks is too much fun... except my husband knows when I'm working on male pov stories because, evidently, I stare at him like I'm trying to psychoanalyze him. Which, of course, is exactly what I'm doing.
Oh dear... I'm rambling again. I think I just wrote 10% about different POV narrative styles and 90% about random Kelli thoughts.
In all seriousness though, I do think what you want to accomplish drives the style you choose. Do you want to see through someone's eyes and live a different life for a while? Do you want to imagine your perfect partner fulfilling your favorite fantasy or fetish? Do you want to tell an epic story full of world building and deeply developed characters? There definitely a style for whatever you're wanting to do.
My 2 cents.... plus about a $1.55 of other stuff. I really should look into that guy that shortens his stuff and makes it more concise... I should but I'm not gonna *sticks out tongue*
-Kelli