Mass Effect 1 had the connectivity between areas using elevators instead of loading screens, and a lot of people hated it. I played the original on Xbox and the sequel on PC, so I'm not sure if the loading times would differ based on that, but it seems to me that the loading times are not substantially different now. In ME2 the elevators have all been replaced with loading screens, and I doubt anybody would complain, even though it does create a greater break in immersion.
I think it leads to an interesting point, that quite often gamers don't look at individual aspects for their contribution to the game as a whole, but only "how much fun am I having right now." Example: the driving sections were fairly boring and repetitive, but now that the Mako is gone planets cannot be explored manually and thus the galaxy seems smaller. I wouldn't go so far as to say I miss the Mako, but I think I would appreciate its return in ME3, provided that they take the time to make the driving parts more interesting.