Fast-Travel: As you probably expect, you can instantly travel to previous locations with a tap of the button
I didn't expect otherwise, but this is still disappointing for reasons I've elaborated on recently.
Basically, when a game is designed around a fast travel system like Oblivion/FO3, the quests will regularly send you huge distances away because the designers know that you'll just fast travel to the closest spot you have unlocked. Turning fast travel off via a mod, or not using fast travel out of principle, is just setting yourself up for frustration since you'll be doing hour long fetch quests.
In a game like Morrowind, you have fast travel between major hubs, not between every little point of interest. So quests are designed organically, with a quest in a city generally having to do with that city, and a quest sending you a long distance is done with purpose behind it. Exploration becomes more meaningful since you're less likely to find things further away from the hub locations. There's no big arrow telling you where to go, you need to work things out based on landmarks and quest text.
In a game like Risen, exploration is the focus and there's no scaling or Oblivion style fast travel. Enemies become more exotic and dangerous the further you go from the safety of the big city. You unlock teleportation to a few specific spots in the game world many hours into the game when you've already explored most of it. There's no scaling or big arrow on a minimap to tell you where to go, you have to work things out based on landmarks and actually knowing the game world over time.