Having the moving camera follow the character around, limits the player’s ‘looking’ aspect of the environment. Having the still/static camera gives the player more time to interact with the more stable environment.
Now, one can say in a camera-following game that the player can pause all they want (are they really going to do that just to say they did?) but in my opinion, what makes an adventure an adventure is to allow the player to explore as much of the scene as possible.
It may sound like I’m contradicting myself because when you think of a full 3D environment with unlimited camera angles, you can explore a lot more than a still/static camera view. What I mean is the player is not distracted as much in the still/static camera example. They are focused on one particular image (or static 3D view) and can get down to the nitty gritty details in that particular scene. With a moving camera, the player is kind of all over the place, and not really focusing on details as much.
In short, my choice is #1, the static camera view or 2D image. 🙂
Here’s a more direct link to the Broken Sword 4 demo Patrick mentioned.