While I don't find FT "cheap" at all, I wouldn't mind a chance of random interruptions.

I feel that if fast travel was removed and limited only to carriages, we wouls actually have a reason to ride horses refularly.
Meh. I still wouldn't ride horses (they're useless for exploring, since there's things to interact with every 5 feet). I'd probably just end up not playing the game nearly as much. (Since, without FT, much of my game time would be taken up with tedious "trudge back and forth to town with loot, so I can get back to exploring". The repetition (since I need to hit Whiterun after just about every single dungeon dive) would drive me from the game right quick, odds are.
(Even Morrowind didn't have that limited of travel. What with the two Intervention spells, Mark/Recall, striders/boats, ancient teleporters, etc. And all those spell effects available as spells, potions, scrolls, or enchanted items, so that any class/RP could conceivably use them.)