Beth's implementation of horses is the best I've ever seen.
Sarcasm, right?
No horseback combat. You have to get off for every hostile critter you encounter.
Horses are the fiercest warriors in the game, and think nothing of charging in to attack dragons. (yeah, I know, lets go try and kill the huge flying reptile that views me as an appetizer...)
Horses (among other critters) are psychic. They can telepathically let guards know when you are doing something wrong.
No saddlebags.
No carts, wagons, whathaveyou.