I used it. After playing Morrowind without the boots of blinding speed, I'll never manually travel again. Seriously, fuck that shit. No amount of "escapism" or "immersion" will cure the sheer boredom of jogging 4mph between towns...of course, once i got the boots of blinding speed and some spell resist, i wouldn't have it any other way ^_^. Blazing across the countryside was fun just for shits and giggles.
Besides, i got plenty of open world exploration in Obliv from finding me some random dungeons to raid. Considering that i usually came out of each one with full encumbrance, it's nice to be able to just warp back to town and get my shit done, warp back to my dungeon, and set out to find another. It kept the legwork for exploration (when legwork is actually fun), but cut it out for the busywork.