I'd rather have 20 minutes of running through the detailed and interesting countryside, discovering new places, then I would spend 5 seconds at a loading screen instantly teleporting anywhere I want.
Yeah they didn't matter to the quest at hand. But they were still explorable and interesting nonetheless. You can't just discount a cave or dungeon because it's not important right at that moment. True the Brotherhood takes you to a few non-insta-fast-travel places, but not that many really. And even then, it's not exploring enough. On an average playthrough of Oblivion where the player does every quest possible and fast-travels to whatever they can, I would expect maybe 20% of the landmarks (anything noted on the map, and some things that even aren't) to be discovered.
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