The point of view used in Sandman: The Wake by Neil Gaiman is third person omniscient. This point of view works well in the stories as there are several components and underlying factors that would not be revealed otherwise. While the first person point of view might have been interesting when coming from the characters in their time of confusion, e.g., Dream as he attempts to get used to living in the new realm, the third person point of view conveys the entire story and not just the subjective opinions of the characters. It also permits the reader to take part in the journey and development of each character in the story.
For example, Matthew's perceptions of the activities would be much different than those of any of the members of the Endless family. The Envoy sees things that no one else sees yet is not human. Each character brings a unique point of view to the story that is valid but would be confusing if each were to take over the narrative. Therefore, each person does have the opportunity to speak, but the narrator is always present to fill in the gaps.