My choice: Other.
A combination of Traveling Service and Teleporation spells from Morrowind, Ridable Horses like that of Daggerfall, and somewhat curious on the idea of Main Road for Fast Travel combine with the system Daggerfall have when on fast travel (Hasty or Careful, Foot or Horse, Sleep out or Inn).
In Daggerfall, you were forced to fast travel.
In Morrowind, you were forced to not fast travel.
In Oblivion and Fallout 3, you could choose whether you wanted to fast travel or not.
So, yeah, I definitly think the OB/F3-version is overall best.
Daggerfall is require for use of fast travel because how the game handle the wilderness and its giant landscape, not to mention as how it is possible to get to point A to Point B with some option given, cost or not, at which I assume ya know.
Morrowind, ThatOneGuy already explain that part. No need to repeat.
And as the saying goes for Oblivion, "If you don't like fast travel, simply don't use it." No way in hell I would agree with this at all. Its was never optional to begin with. The Game was build on it and the only other option is getting there by foot (horses svck in term in speed and lack of Skill Upgrade). This is not optional, its annoyance.
Please explain why. I would like to know your motive on why you think Oblivions Fast-Travel wouldnt work perfectly but eveything else will.
Thank you.
My definition of Oblivion "Fast Travel": Click and point to any where ya like to go, no worries, remove all traveling service and teleporting spell because just clicking on the map is easier. Oh and add Horse for those on Foot, not like that it is fast to begin with.