I personally believe that the stroy sounds best if the author writes it from the perspective they're more familiar with. So for example, if there's an author who dominates in real TUGs (or rps or whatever) I'd prefer to read their stories from the perspective of whoever's doing the tying. Same is true for the reverse, it just feels so much more immersive that way.
As for the third option, I feel like it's a solid choice for shorter stories instead of multi-part tales. For quick stories with maybe a handful of posts or less, for example. It can be a bit tricky to fully engulf yourself into the story using this method, so it takes either a small tale or exceptional writing skills to pull it off.
I'm no expert on the matter, just my opinions.