I would rather have a quest marker than the obscure misleading directions that were in Morrowind.
Sure, some directions were a bit dodgy, but I think they are overstated. Some people just read too fast, look for the wrong thing, or just plain miss the landmark. Just remember the Dwemer puzzle box... How many youtube videos or walkthroughs on forums? Yet it wasn't hard to find, on a shelf in the first ''room'' of the ruin. But people immediately figured that if they were to enter a ruin, they had to go all the way through it, even if the enemies get increasingly hard and it's the actual first mission of the main quest. It was a simple fetch quest, but people ran straight through the thing and then went looking everywhere in vain. But it's not because some directions were dodgy that they couldn't improve them too...
But, I wouldn't mind quest markers all that much, or more appropriately, map markers. And not necessarily the exact location too. The guy could tell you ''it's around here'' and without any hud markers, you have to go there and then look around. Or still get an accurate marker, but with real directions, rather than the implied ''just go in straight line in the wilderness''.
But I think one of the main problem with this, or what will disable this from ever being fixed appropriately is voiced dialogues. Voiced dialogues, not what you hear people saying, but when you press A (or whatever button) to talk to someone with the dialogue options, this should be voiceless. As much as a fully voiced game is more realistic, some acting is always dodgy, and often you feel the character is speaking too slowly, that you're like ''get over with it'', particularly with non-important stuff. One of the reasons we have less quests, less involved quests, less NPCs and less dialogue options is because of the voice acting. There's a [censored]load of voice overs to do, some lines are acted by more than one actor and all, so they save whenever they want. This makes the inn owner talk to you about how the bartender acts, when he's actually dead, why someone who almost got murdered acts as if nothing happened when you talk to her. This is also why some quest steps are entirely cut to save on dialogue and make sure you have an appropriate number of quests, etc. As much as anyone can see non-voiced dialogues as a step backward, it's problems are obvious. Some people might say every NPC in Morrowind said the same thing, but that's only appearances. They say a [censored]load of more unique lines than Oblivion and Skyrim combined I'm sure. And those who said unique things didn't have markers on their heads.