The point of view you choose to use could be what makes your novel stand out or what makes agents and editors pass it up. There are many things to consider when making the decision of which point of view to choose. First you must choose the most compelling character. Sometimes a stable hand's point of view is more interesting than a prince's. Explore each of the characters in your novel thoroughly and decide whose point of view would interest you the most.
The next big decision you have to make is what kind of point of view do you want to tell the novel in.
First person is literally in the head of the main character. It is the kind of novel filled with I, me, and my type of phrasing. This is very popular in young adult. This point of view has its up and down sides. On the plus side, the reader is immersed fully in the story by experiencing everything the main character does down to their very thoughts. Its can be easier for the writer because you only have to deal with one mind and you can fully develop their internal voice. On the minus side, you're limited to what the narrator sees and experiences and you can't go into the mind of other characters.
Second person is rarely done and even more rarely done well. It is a removed point of view with you and your type of phrasing. The best way I can put it is that it reads like a choose your own adventure book. Jay McInerney is known for writing in this manner those his novels are definitely not choose your own adventure books. Most people in the literary world will tell you don't even try it unless you are a genius. It is by far the hardest point of view to do.
Third person is an omniscient point of view where you're more removed from the characters head and it is the most common. The phrasing is he, she, it, they. I love third person because the writer isn't tied to the point of view of one character like they are in first person. Though you do have to be careful not to jump around too much and confuse the reader. Many people have trouble reading the Dune novels because they jump from viewpoint to viewpoint on nearly every page. Its still in third person, the author is just giving you the thoughts and feelings of more than one character. Third person is most often done in one point of view at a time.
Have fun with it. Try writing in each different point of view and try different characters. You'll know which one to use because it will feel natural to you. You might surprise yourself!
Here are a few great Writer's Digest links on point of view: What Point Of View Should You Use? and The Inns and Outs of Third Person.