You missed the part where Morrowind's style of fast travel was just as immersive as Oblivion's, it's still point and click with you ariving to a select location miles away in an instant.
Stop with the Morrowind = Harcore crap, the only difference between that game's fast travel and Oblivion's was that you could only do it from certain locations, I don't even know if Bethesda should even bother with catering to an elitist minority considering that it has been said time and time again that it is entirely possible to just limit your fast traveling from city to city.
No you are doing it wrong!
If you want to disintegrate the computer based actions to elements like pointing a mouse and clicking and the like, any action in the computer, not only games, are the same, and there is no differentiation between playing Skyrim, and browsing the internet.
This is Skyrim, a role playing game made by BGS, so let's role play, OK?
Morrowind:
You are a barbarian Nord, with little magic, and you walk toward the ferry man and ask, where do yo go from here?
He says Dagon Fell, and Hla Oad.
You decide Dagon Fel is near your destination, so pay him to carry you there.
In Dagon Fel, you exit the ferry and stand besaide it, ready to move on.
Summary: Harder to play, but has more immersion for role players, and not for casual players.
Oblivion:
You are a barbarian Nord, with little magic, and you want to go in the middle of a wilderness with no civilized settling anywhere near, but you have been here before.
The player opens the map, not you the Nord character, and clicks on the cave entrance near the point of your destination, and suddenly you are standing near the cave entrance, ready to move on.
Summary: Streamlined, and easier to play, but you are doing in in the UI, not in the game environment itself, so has no immersion regarding the actual, role playing, and can only be translated to: "You somehow traveled to this position, and we cut the details."
So...