But... you don't have to ride it... lol
Personally, I like the system because of how I play. I ride to the main cities, take a wagon to the city I want to head to, then hop back on my horse and ride to where I'm going from there.
But in general, the horses seem poorly implemented for a second attempt. Their physics are wonky as hell, you can't attack while on them, etc. I enjoy riding them, which I sure didn't in Oblivion, but that's as far as the improvements went. I wish they'd been iterated on much more than they were.
And agree about the wagon system, really could have been expanded. Personally I'd like to see the wagon system made a bit more expansive, and fast travel nuked, but that would require an overhaul to the way quests are handed out. So I just ignore fast travel.