yeah it's the shittiest thing in the world, but I still use it. It is fast. Morrowind's was perfect it was realistic that large cities would have docks and what are essentially buses, and they could only go to cities in close proximity. Yeah it sucked to walk to the smaller towns, but the game was about getting lost and overwhelmed by the strange island.
sometimes in Oblivion I only fast travel between major cities, just to feel better about myself.