Morrowind travel options:
Silt Striders/Boats/Ships/Gondolas, Mage Guild teleport, Almsivi/Divine Intervention, Mark/Recall, Propylons.
Oblivion travel option:
All people ask for is to have a more realistic and complete set of options for travelling. One of the devs back when Oblivion was just released said it would have taken them only a few minutes to put Mark/Recall back in, so it's not as if people are requesting the impossible.
Regarding the GPS compass. By all means leave it in as an optional feature for the people that want it, but don't have it point to the exact spot of an item inside a cave you've never visited before. Having it point to the cave or general area should be sufficient and still give people enough to go on. But bring back the Journal with more detailed quest information and just do a 'here, let me mark it on your map' for those that like to add a little more manual exploration to their game. The regular N-E-S-W compass is great; no need to clutter it with flashing markers.
So a suggestion for optional modes regarding the compass:
Compass Assist: Full (Like in Oblivion, exact pinpointing and undiscovered locations show up)
Compass Assist: Normal (Leads you to general area/cave/city, but will not function in interior cells. Undiscovered locations show up)
Compass Assist: Off (Like in Morrowind, you have a N-E-S-W compass and that's it. Undiscovered locations don't show up and you have to use directions in your Journal and questgivers only mark the location on your map)
Just my opinion on the matter