I'm convinced that everything having to do with horses is broken to the point of being worthless.
Rant list:
1) Encountering any enemies on horseback is a nightmare, especially animals that chase you. I had a pack of a half-dozen wolves and a troll on my butt for 2 miles and I didn't dare dismount because they'd oblitorate my horse. Not fun.
2) The framerate and draw issues are multiplied by 10x when horse riding. I actually got out and walked for a while just to remind myself that the game was actually pretty.
3) While being chased along a path, I got to a bridge. I was too tall to go accross the bridge on the horse. My head got stuck in the rope that crosses the top of the bridge opening, and I got killed by the pack of wolves and trolls that was chasing me (for over a half mile) because I couldn't dismount. With all those guys chasing me, the above mentioned graphical issues were even worse, eventually turning into a slideshow before the bridge incident.
4) My horses have either disappeared or been taken from me. The first wasn't waiting for me when I got out of a cave, where I left it. It's gone. The second one is weird. I bought a stallion, and used it for about a half hour. I got to a town, and got the message that he was outside the stable, as usual. I head out to pick him up after shopping, and my horse is standing right there, all saddled up and ready to go. But the icon is red. The description is that he's my horse, but I can't ride him. I take him anyways, and get immidiately busted for stealing my horse. I reload and then fast-travel to another town, hoping to fix the glitch. The horse did not come with me. Now he's gone permenantly. So that's $1,500 down the tubes on two horses in one day. I'm not buying any more.
I had intended to play the game without doing any fast-traveling. I was going for a realistic approach to the game, walking as much as possible. I decided to pick up the pace, now 30 hours into the game, and riding a horse is fast enough. (I stronly object to the fast-travel feature.) But between the lousy visuals when riding, the borked combat (getting chased like mad for miles on end) and my horses' disappearing acts, I'm done with them for the rest of the game. I'll fast-travel later in the game, when I'm running out of quests. For now I'll just keep wandering from place to place on foot.