What is an isometric view? It's a particular Parallel Line view where all 90° angles between lines are deformed to 120° like so:
In this particular mode you get model views like this one:
source: http://www.brynmawr.edu/
To setup this kind of view, you simply have to draw a cube starting from the Axis Origin, and then immediately view it in wireframe mode:
Now draw a line connecting the diagonal that starts from the axis origin to the opposite vertex going up (from vertex 1 to vertex 2 in the image:
And now, make sure you're using Parallel Projection and click on the "Position Camera" command
(You may find it in Camera Menu > Position camera, too)
Now the only tricky part: click on vertex number 2, keep the mouse button pressed, and drag to point number 1. Then release.
If all is well, you will find yourself with this:
(you may need to click on zoom extents to reset the viewing clipping plane)
Note that now vertexes 1 and 2 are overlapped!
Try activating "Back edges" view and you get this:
Pro tip: you can save this scene to get back to it whenever you want. Also, if you save this view as 2D Autocad format, you get a perfect isometric view of your model transformed in 2D lines

Happy isometric views, everyone
