Another problem was that there often weren't any paths that you could follow in the first place. There was no way to tell that you might find something interesting behind that hill, even if there was the largest Ayleid ruin of all Cyrodiil. Heck, there wasn't even a sign near Chorrol that said "right up that hill is one of the most famous and important locations of Imperial history, Sancre Tor".
So those are the things that will hopefully be changed. I like following paths sometimes to find out where they're leading, but I also like the compass markers as indicators that my character actually noticed something that I couldn't notice. For example, more footsteps than usual on the ground that indicate there's a village nearby - without the corresponding textures, this is just not possible. And if they did use corresponding textures, it would become boring very quickly, and it's also much more work than it's worth in the end. So I'm all for compass markers for special cases like this.
As has been mentioned, the Fallout 3 enemy markers were a result from having a high Perception. That is something that is typical of RPGs since the day D&D was invented, and you shouldn't leave out features like this because you want to be "immersed". Because then immersion simply means that you are playing yourself in that situation, not someone else, and you stop playing an RPG. In that sense, the classical RPG is the exact opposite of this modern interpretation of immersion. (And I say modern because people used to be just as immersed in a game like Ultima Underworld than they are now in a game like Dead Space, only with a different mindset - back then, the stats and numbers helped you immerse in the world and get a grip on what your character is like, while now the lack of visible stats and numbers is a sign of immersion.)