Yeah, with proper use & combination of all the travel abilities in MW, you could pop all over the place with quite a bit of freedom.
That said...
I've flip-flopped on this issue quite a bit, but recently I've come to a better understanding of what makes Bethesda games fun. The problem with fast travel in Oblivion/Fallout 3/Skyrim is that it trivializes the challenge of adventure. It gives the player the ability to voluntarily make the game much easier without a penalty. It would be like playing poker and being given the option to see one card in every other players hand. That idea seems awesome when you think about how much more often you would win, but then it would make playing poker boring by removing the challenge of the game. It's plenty easy enough to get where you need to go in Morrowind if you have enough coin, are high enough in level, and know where you're going. If you don't have one or two or any of those three things then it will be hard and challenging, like a TES game should be.
...I love FT in Oblivion/FO3/FO:NV/Skyrim. Mostly because I use it to avoid vast amounts of mindless tedium, not adventure. I love exploring, adventuring, finding new things and places. I also love picking up everything that's not nailed down - I'm a huge packrat. After every dungeon I explore, I need to clear my inventory. If I had to trudge on foot, back along the same empty roads, to Whiterun (sell & stash loot) and then back to whichever region I happened to be "adventuring" in? I'd probably play these games alot less. I really don't see much interest (or challenge) in adding 30+ minutes of make-work & tedium to every dungeon dive or ruin exploration.
(And again, I could do the same in Morrowind - Mark the spot I was at, Intervention back to nearest town, Strider/boat to wherever my house was, sell/stash, Recall back. And actually, even more freedom in MW, since I could do that from within a dungeon.)
So yeah. Fast travel. Love it. Use it all the time. Because it greatly enables my ability to explore.

I don't think anyone who hates the newer forms of fast travel dislikes the Morrowind fast travel mechanic i.e. a FT mechanic which actually makes sense in-game, and not a teleportation mechanic without casting any spell.
I find this kind of amusing, since MW was the game with plenty of teleportation mechanics, whereas the other games just have Fast Travel (which isn't teleportation - time passes.)