If Morrowind came out in 2011 it would be a dumbed down version of it, and we'd all cry about how The Elder Scrolls 3:Oblivion/Hammerfell/Summerset/whatever would the 3rd one be is much better.
The sad fact is that I'm not even kidding or being ironic, 100% that I wouldn't like it as I like it the way it was released in 2002.
some people don't have the time to invest in running across the map, or scouring the wiki for solutions to troubling quests, others do. the fast travel system was incorporated with that in mind. it's inclusion is better served there than not.
This perfectly explains the dumbness of it we morrowind "fan boys" keep talking about. Morrowind didn't make you bookmark all the possible wiki pages because NPCs actually explained everything, gave you perfect directions, journals were insightful and dialogue was more than just "take this letter to this guy" without saying where or what he is. If you had to look up on wiki to finish any quets in Morrowind I suppose inbuilt gps with satelite-like map is for you. I did Morrowind all the way trough without a single help from any kind of wiki, because in-game info was enough for me.
As for the fast travel, it's just a weak excuse to short down traveling. Not saying it's useless, I'm just saying that it's covering tha fact that going more trough the wilderness will make you realise sooner how everything looks the same. Morrowind didn't have this problem because every single location was unique and carved itself to the memory. So I prefer Morrowind's small world over Skyrim's albeit bigger and still beautiful world.
Not saying Skyrim's a bad game though, I love it, and I can see myself playing it for a very long time.