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I certainly will admit that long travel times in a game can be one of the more tedious aspects of playing an MMORPG, however, it is an aspect that is more than offset by the benefits. The alternative, apart from being able to teleport, is to create a common zone or zones from which the other zones branch (as in D&D online). Condensing a world is one of the easiest ways to destroy the feeling of immersion.
Few things can awe a gamer like a graphically aesthetic landscape with mountains or ocean as far as the eye can see. It inspires you to go out into that world and explore the unknown. A large world allows developers to establish numerous cultures in the game that makes traveling to these lands more wonderous. It makes a city feel like a place of refuge after a long day of adventuring. A large world that requires some travel time creates a sense of accomplishment when you finally make it to that remote dungeon. And finally, it lets you get away from the the crowded areas and perhaps be the first to venture into a land of mystery.
No, this should never be sacrificed for the sake of short travel time. Because when it is, you are no longer living in a world, you are simply playing a game that gets repetitve fast.
I am a big fan of porting to reduce travel time without reducing the size of the world and think this is probably the best solution to the problem.