Why do ya all hate Oblivions fast travel so much?Its OPTIONAL,you dont have to use it if you dont want to.The game actually encourages you not to use it,cause it forbids fast traveling to places marked on the map that have not yet been discovered.
Breathing is optional too....but you don't REALLY have a choice, do you? When the game world offers NO ALTERNATIVES to FT, then you more-or-less HAVE to use it, and it's NOT optional. In Oblivion the widely scattered nature of many quests all but forced you to use it, or else take an hour or so of boredom in real-time to hoof it all the way across Cyrodiil (and horses were even slower unless you galloped the whole way, which was harder to control), with nothing "interesting" along the way. No thanks.
Morrowind made FT fit in seamlessly with the game world, although your choice of destinations was more limited. Many of those hated low-level "fetch" quests were fairly near-by, or were close to transportation systems, so you didn't have to hoof it all the way across the map. There were a few exceptions to that in MW, but Oblivion seems to have gone out of its way to send you to the four corners of the map, and relied heavily on FT. Optional? Hardly.
Limiting the player in TES V to FT on the roads will cause a lot of complaints from "hack & slash" players who want to re-visit sites in the remote wilderness areas, and couldn't care less about "immersion", "lore accuracy" or anything else, aside from "I want to kill Ogres (or whatever) today". I don't think it's a bad idea, as long as it's supported with other choices. The inherent split between RP and FPS playing styles continues to haunt the discussions.