One of the worst things about Morrowind is having to travel all the way to some cavern or fortress or what have you then do the quest in there then you have to travel all the way back or go to some city then see if you can travel to where you need to go. What a load of crap that was, one of the worst quests in Morrowind was having to drag some lady all over the map playing dress up it was annoying and tedious and I hated it. I quit playing that game because of that quest. Fast travel solves a lot of tedium
I don't know, for me half of the fun playing Morrowind (or watching someone else play it) was figuring out how to get somewhere. This is only half-related, but it seems that in hand with fast travel we also get the compass pointer that points directly to where you need to go. Quests in Morrowind were made without that in mind, so characters actually gave you pointers - like landmark references - explaining how to get to where you need to go. Then trying to find a tree or a rock or whatever they mentioned and getting lost then feeling joy when you finally find what they were talking about was incredibly fun for me. But since both Oblivion and Skyrim were made with the compass pointers in mind, quest-givers usually don't do that so it's near impossible to play the game without the compass pointer on.
But back to fast travel, I think it really depends on the player. Some prefer it, some don't. The problem with simply not using fast travel if you don't like it though is if the game's world was made with fast travel in mind, so the landscape is incredibly boring and tedious to get through if you just walk/run/ride to where you want to go. Oblivion is a perfect example of this. Sure, there are a lot of interesting things to see in Oblivion's landscape, but most of it is just same and walking through it gets boring pretty fast. Skyrim is a bit better in that regard.