I found that kind of annoying because I pretty much run everywhere.
Something else to ponder would be Cruise Control. Saints Row 2 had it, and while a little quirky, would certainly make trips for those who dislike FTing more fun.
I liked that little feature because you could just hit the LB on the controller and whatever speed your vehicle was moving at the time would stay that way, leaving you free to swing the camera around at will as well as still giving you complete control over the steering.
The only drawback to the system was the game world itself. More often than not you ended up rearending someone in minutes due to all the heavy traffic.

Something like that could work well in Skyrim, though. Might have to restrict it to horesback, but that's fine. Could even use the shout button since that becomes useless while on horses anyways.