Never used FT since I found what a game killer it was in Oblivion. Also, I disabled the compass and quest markers. Now, when I find something, it's because I found it

Same here, I have the UI off, which is the only way I can remove the compass (on the 360) I miss the health bar etc, and an aiming reticle, but it's better than having my hand held to every point of interest within 200 feet.
As for fast travel, I use it sometimes, like when I get sick of travelling up and down High Hrothgar, and I know nothing will happen since all the enemies are dead. So instead I'll use it to skip boring parts of travel like that, and some places in the reach are hard to navigate with companions.
Fast travel definitely has it's uses if you use it sparingly, it's definitely a gamekiller to use it exclusively, and all those people who use it without thinking, are missing out on the real meat of the game.