How do you think the novel would change if it was written in first person format? Are there advantages to using third person format as opposed to first person, and/or vice versa

A novel using first person vs. third person would change in a few major ways - first person allows an in-depth view into a character's emotions and thoughts, almost as though we "are" the character. Third person does not allow this, but does create a certain sense of mystery and unknowing that lets readers experience the story from a removed perspective.