The consequences of click-on-map Fast Travel system are a worse, less immersive game.
Yes, it may satisfy some of the kids with lower attention spans, but as far as I'm concerned it introduces a major flaw into the game for no real reason. Many of you simply say "Oh it's okay. The people who want it can use it, and those who dislike it don't have to use it". Well that's not okay, because of course if they're implementing fast travel, they're expecting people to use it, thus making the game in such a way with fast travel in mind. It's utterly stupid. Don't you see that the game will be designed around the fact that it will have fast travel in it, making it have less content? Before, when you had a quest somewhere, you needed to actually, physically GO there, rather than just do a couple clicks and return. Morrowind's travel system was by far the best, most sensible system that could have existed, with a system of Silt Striders, Guild guides, and Gondoliers. I don't know why Bethesda doesn't acknowledge there is a way of having fast travel without making the game a joke, I mean if you need fast travel that badly can you not have Mages guild teleporters, or Mark/Recall ?
You seem to be forgetting a few key things.
1. I don't believe this optional system causes less content in the game world, I didnt' feel like that was the case in Oblivion and I don't think it'll be the case in Skyrim. Fast travel is a convenient feature that you can choose not to use, that's it.
2. You seem to be forgetting that you can only fast travel to a location you have discovered, with the exception of major citites if they follow the same system Oblivion used. That means that yes, you will have to physically go there to do a quest you've gotten, you just have an option to get back quickly afterwards.
Not everyone plays the same way, some people like to get right to the action and cut out what they see as tedious work, in their leisure time they have every right to. If you don't want to use fast travel, don't.
I do agree that Morrowind's system was better, but fast travel is not this big of an issue, you're focusing on the wrong things. What I want from Bethesda games is more involving stories, more engaging gameplay and more interesting characters to meet. I don't care if I don't get to walk through a forest at all times, i can leave the house if I want to walk through a forest. I get where you're coming from, but I don't think fast travel hurts the game as much as you say, and I don't think it's an issue that's important enough to be focused on this heavily.
In short, there are more important things that Bethesda genuinely needs to work on and improve, fast travel is inconsequential. It's there for the people who like it, if you can't accept that then well, tough luck. This is the way it is, live with it.