In Fallout. Probably not in Fallout 3.
In Fallout3 we had this horrible instant-magical-teleport-thingy, same as in TES4
And apparently in Skyrim will be used same system
Also about whole "you can't fasttravel to undiscovered locations" presentation, like it is something extremely fresh to TES
In TES4 you also couldn't fasttravel to undiscovered locations, but you simply started with all cities discovered (why?)
So basically there is no difference between TES4, FO3, FO:NV and (apparently) TES5 fasttraveling
It is same primitive, you-click-then-something-magickal-happens-and-you-are-there system
Because logical fasttravel would be fast only for us, but for character it would be slow and even dangerous (unless carriage is used, but that consumes money), it could be interrupted by random events, attacks, etc. (we all played FO and FO2, right?)
If we throw in customization of travel (like in TES2), then it would be perfect system
But again sounds like daydreaming too much