Oblivion was at least smart enough to let you warp to places you've already been.
Most RPGs cheat and add useless length by making you travel from place to place. It's better to make you do it the first time and give you the option not to again. Sure, you might miss some things, but spending 20 minutes traveling, particularly when you're not certain if you're going to the right place, is tedious and frustrating.
Just fire up Zelda: Wind Waker if you don't believe me. I don't know anyone that didn't take over a year to finish that game, mostly because they'd get fed up with the sailing and stop playing for a few weeks or months. I actually went over a year without playing it before returning. And, had I been able to fast-travel, I would have been much more interested.
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Doomriders: the first new band worth a signature -
http://www.deathwishinc.com/