Is the bus sitting there waiting for you and you alone with no other passengers. Morrowind style travel netwok that exists in the game world solely for your use is less realistic than fast travel since fast travel can be explained as a passing of time.
Explain to me from your character's point of view why those travel services are available to you at all times.
Ehm, Morrowinds system can be explained as a passing of time as well, silt strider ports doesn't necessarily freeze time as you move from station to station. Besides, there were more than one silt strider in service in Morrowind, there most likely would be one waiting nearby most of times, given the fact that there aren't that many silt strider stands around. For the price they were demanding to carry you from Balmora to Suran, it makes perfect sense to carry a single passenger at a time. And I never saw a silt strider deny other passengers from riding along with me. Think of them more like taxi stands, if you will, it might make more sense to you then.
Basically the choice is between a system that forces you to choose whether or not it is worth it to use transportation that will cost you money, and might require you to walk a bit out of your way to get to a station - or a system that allows you to pull up a map, click a button and appear anywhere on the map. It's obvious which one is the most "realistic". Fast travel isn't that big of a deal for me, but your argument is ridiculous. You're quite capable of "explaining" the oblivion teleport-system as realistic, while the factor that breaks immersion for you in Morrowind is the fact that you never had to wait for a silt strider once you reached the station...facepalm moment :rolleyes: