Transitioning from Morrowind, with its siltstriders, gondolas, and mark/recall spells (which were all really an inventive way around the world travel problem),
to Oblivion, where you suddenly can "teleport" (in the sense that traveling anywhere is effortless) without magic-- but only to certain locations,
broke the sense of immersion. I'm really hoping Skyrim changes this into a more involved system, if only to help players see more of a (hopefully) well-crafted world than one does when going between fast travel locations.
Obviously making things as easy as pulling out your map will be a must for casual players, but a system as simple planning your route on the map, and possibly integrating travel networks like river rafts or roads/trails that you've discovered, could change the game, and in a good way. Random events on the road, like bandits or meeting a trader, would be cool to see, and based on in-game tips (or your intelligence stats, or how much exploring you've done) you can deliberately avoid or run into these situations.
I'm still going to get the game, fast travel or not,but this is something I've thought about while playing Morrowind/Oblivion/Fallout.
What would you like to see changed for Skyrim's travel??
Edit: Bump, I see a few suggestions of being able to turn this on and off. It could be an optional feature, which one can toggle on/off.
The general consensus seems to be that satisfaction for all lies in finding something in the middle, where you have this system of in-game transport set up, but can *choose* to turn on the basic point-and-click method.
That being said, my suggestions above are meant to improve on the game-map aspect of fast travel, allowing you to utilize methods of transportation but nonetheless removing yourself from the game experience. I think it could be a unique feature, which would enrich the experience for even players who disdain the thought of scrapping fast travel.
..But personally,I could live without FT (with a transportation system in place, that is), but I understand that not everyone wants to be press-ganged to go back to any variation of the Morrowind system.
Edit: I just want to thank everyone for taking an interest in this. Who knows if the developers will take an interest in this, but then again who knows if someone reading this might not become a developer themselves. There are some great suggestions on this thread, and I'd like to give a shoutout to Uriel Nocturne and Spectre IV for their awesome ideas.