Yes, the title is correct. There will be a first person mode in GTA V when it is released for the PS4 and Xbox One on November 18th. This will be the very time a Grand Theft Auto game officially has a first person mode that is not part of a mod. Already there is quite a bit of excitement about this and it just adds to the list of enhancements of Grand Theft Auto V for the new systems.
One nice thing about First person mode is that it is just a tap of a button to switch between third and first person. This really adds a whole new dimension to an already fantastic game and should make it feel even more intense at times. The folks over at IGN got to try it out and posted their impressions of it and what it adds to the game. It is well worth the read and there are loads of screenshots as well as some videos to check out.
Here is also an official trailer of first person mode in GTA V. I will warn you though that it is NOT for kids to watch as this is an adult type game and does have some language and violence in it. This video comes from the official youtube channel of PlayStation.