Regarding the use of field_get_items, check the documentation on the return value: "An array of field items keyed by delta if available, FALSE otherwise." Per my requirement of getting a single, OPTIONAL field value, field_get_items might return false, which means we are still looking at something like this overly verbose code:
($first_name = field_get_items('node', $person, 'first_name')) ? array_shift($first_name) : '';
Lastly, "you want a formatter, a whole display mode, etc. You very rarely need that level of plumbing". One of the requirements for this project was that each page represented by a person node would have a very specific layout. This meant that I couldn't rely on Drupal's default layout (even with formatters there was too much baked-in HTML that was unacceptable), and had to create a node--person.tpl.php file, i.e. a custom template.