The Channel 4 comedy Peep Show is shot entirely as POV, they use head mounted cameras and the cast acts into the camera if they are addressing that person.
It cheats a bit in that it uses multiple perspectives - they'll even have an 'extra' be the POV person on occasion - but it works very well whether the actors are just standing around or doing something more dynamic (here the helmet cams really come into play). They don't worry about blinking though, and neither will this - a lost couple of frames every few seconds would just piss people off.
Blinks would allow for actual editing though, and require less computer wizardry in merging shots as opposed to spending huge amounts of money on long single takes.