The pay off is that Archer and Melee characters play great, but there were more hot keys in oblivion
beat me to it. If you want the best options get the game on the PC and get a controller imo. I don't think I could play a true mage without hotkeys either. After using the controller...i don't know if I could play a warrior or rogue type without it. I found having direct control of your character's movement speed (not to mention better control) really adds to the feel of the game when exploring caves and the like.
I'm not sure why they decided it necessary to have a button mapped directly to toggle the map instead of giving a function button that served as 'favourites'. You can just open up the character menu and tap down once and..presto you are on the map, why does it need to be mapped to it's own button?
If you did have a function button, you could map every other button to something on your favourites list and it would be usable in conjuction with the function button held down. Hotkey problem solved.