Honestly, I'm a big fan of third person limited. I view it as having the benefits of both first person and third person. You get to allow the POV character's thoughts and opinions and biases to seep into the narrative (show how he or she views the world), while, at the same time, you can very easily change POVs or ascend into an omniscient third person perspective (doing that when you're writing in first person often doesn't turn out nicely (I'm not saying that it can't be done; Patrick Rothuss, for example, constantly switches between third person and first person, but that's because in his story that makes sense)) allowing you to add little details and explain things that the POV character doesn't know/couldn't know.
Brandon Sanderson and Mark Lawrence, at least in my opinion, use third person limited and excel at it. Now that I think about it, Peter V. Brett, Josiah Bancroft, Scott Bakker, and Scott Lynch do it too (although some of them lean more toward omniscient third person while others lean more toward first person; Sanderson, for example, manages to hit the sweet spot of perfect equilibrium in my opinion).
Third person limited isn't entirely without its flaws, however. It's a compromise, at the end of the day, which means that you can't have it all. It's never going to connect with your readers as much as first person, nor do you have the freedom of third person (I think you get roughly 90% of the intimacy of first person and 90% of the freedom of third person (completely arbitrary percentages, by the way), so I believe it's still a pretty darn good compromise). I also find it considerably harder to write when you have to change POVs often, because that means you have to intimately know ALL your POV characters in order to properly allow their thoughts to permeate the narrative; you have to carefully consider what words to use, taking into consideration their relationships with other characters, their biases, their background, their views, and their prejudices. Doing that for one character is one thing; for several, it's completely different. On the bright side, that also means your characters are really alive.
Another issue is if a reader doesn't like a certain POV character. The way around it is to make all of your characters as interesting as possible, but there are no guarantees. There's also the problem of overloading the plot, but... well, those are all complications I'm willing to deal with because of how much I like third person limited.