I've only fast traveled that once, and I've been playing it for a good 16 hours. The thing that makes it tolerable is the detail level of the environments. Also, it does help you discover those locations you wouldn't find otherwise. Daedric shrines, Dwemer ruins ...
So far, the only bad thing I have to say about the game is that the dragon fights themselves are .. I won't say bad, because the way the dragons act, the animations and the whole feeling of fighting dragons, that's great. But killing them is just so ... straight-forward. With melee weapons, there seems to be only one valid strategy. That's sort of disappointing. Oh, and some villagers were just standing about while I was fighting one, too. That was sort of silly.
Those are some fairly trivial complaints, though. Everything else is just spot on.
No, wait. There is one more thing. But it's a more personal thing. A lot of the names are Scandinavian-like, as you'd expect. But even though they look like it, they don't pronounce them as their appearance would lead me to expect. Oh, and some of the accents are just ... spot on Norwegian English accents. I detest that accent! I guess I can't fault them for getting it right, but ... argh!