Is it possible to disable the compass on console?
i set my hud to about 20% transparent for hack & slash characters. it makes things a little better, but its still not as fun as reading directions from your journal and playing cartographer as the black space of your map fills in.
You can (and should) also disable the floating markers (what a stupid f* idea to make those at all)
Also as TheEngravingMan says, it does make some aspects of the game pretty difficult. You gotta really listen since you can't see the sneak, and think before taking stuff as you won't see the 'red' for stolen stuff.
Also it can make it hard to pick stuff up (no crosshairs) and the context-dependent actions can be hard. So sometimes I turn the opacity up to 50% or so, it does help, and keeps me from staring at the damned 10% of the screen all the time.