Yeah, that's the reason why I generally made my Morrowind characters fast and athletic. Occasionally I would also use the alchemy "exploit" to create potions that increased running speed to absurd proportions, especially for missions that require a lot of wilderness hiking. Ditto for levitation potions.
The fast travel system of Oblivion is without the greatest improvement over Morrowind. The combat system is marginally better. In virtually all other respects Morrowind was a better game IMO, especially when it's enhanced with various mods.
Oblivion was a good game in itself and I enjoyed it, but what ticked me off was all the stuff that was part of Morrowind and not brought back in Oblivion. I missed spears, crossbows and throwing weapons. I missed levitation and being able to summon more than one Daedra/undead at the same time. I disliked that they changed the Imperial Legion from Roman looking to medieval looking, and I hated how they changed the Khajiit race, and to a lesser degree the Argonians and Dunmer.
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