Limited
Some authors choose to tell their stories from a more specific angle. With limited narration, the reader is only able to view part of the story from a specific angle. Again, think of it as a deliberately placed camera, where you can only see what the author wants you to see.
Take, for example, the effect the first person point of view has on J.D. Salinger's novel, The Catcher in the Rye(1951). The novel is told from the perspective of the precocious Holden Caulfield, a teenage boy with a lot of mental anguish, recently expelled from his private school and dealing with the death of his younger brother, Allie. Because it's in first person, we get to hear and see things as Holden hears and views them.
'Boy!' I said. I also say 'Boy!' quite a lot. Partly because I have a lousy vocabulary and partly because I act quite young for my age sometimes. I was sixteen then, and I'm seventeen now, and sometimes I act like I'm about thirteen. It's really ironical, because I'm six foot two and a half and I have gray hair. I really do. The one side of my head - the right side - is full of millions of gray hairs. I've had them ever since I was a kid. And yet I still act sometimes like I was only about twelve. Everybody says that, especially my father.
This is an example of how we hear the story from Holden directly, in his distinct voice, for the entire novel. He admits to a 'lousy vocabulary,' in addition to not acting very maturely. But we don't really need him to tell us that he isn't the most mature kid, his point of view already does that for us. Because The Catcher in the Rye is limited to Holden's viewpoint, we don't see the story from any other person's perspective - fitting for a novel about an immature, selfish teenager.
First-person limited narrators like Holden Caulfield are sometimes called unreliable narrators because the reader can't always trust these particular characters to deliver an honest depiction of a situation. When Holden tells us about what happened, we have to consider the source. However, first-person isn't the only form of limited narration. While third person uses 'he' and 'she,' rather than first person's 'I' and 'me,' third person can still be limited.
For example, the books in J.K. Rowling's Harry Potter series are told from the third person - Harry caught sight of Seamus's eye and Seamus winked - but we (usually) see and hear only what Harry sees and hears. Sometimes we might switch to another character's thoughts for a moment or a scene, but never for long, since it is Harry's story, after all, and thus mostly limited to his point of view.
This makes us feel connected to Harry more than any other character. Some books will alternate the third person point of view a story is told from by chapters or sections, giving us one character's thoughts and feelings for a while and then switching to the thoughts and feelings of another character.
Objective
Unlike limited narration, objective narration presents the story without emotion or opinion. Third person narration is seen as the most objective because it presents what is happening from a distance, showing many angles. Ernest Hemingway's short story 'Hills Like White Elephants' is an example of an objective narrative voice - The American and the girl with him sat at a table in the shade, outside the building - here the spare style and simple description tell only the facts.
In contrast, Holden Caulfield's narrative voice is not objective, nor free of judgment and emotion - it is subjective. When he says, 'I have a lousy vocabulary and partly because I act quite young for my age sometimes,' his point of view is full of his emotions and his opinions.
Somewhere between the very objective third person omniscient narrative voice and the very subjective first person narrative voice is third person limited. In the Harry Potter books, the third person limited point of view is not wholly objective, though, because we are primarily seeing Harry's side of things.