IGN: "horse ride from one side of Hyrule to the next is rumored to take 45 real min."

[lazyfatbum]

Traveling can get boring if you realize you have to march across the entire overworld. I would have killed (murdered a human life) to get wings on the boat, or actually fly on the wind for an increase in speed. Travel time will be even more important in TP, so I imagine that the horse and Link's wolf form will have degrees of speed.

I've seen videos of Link on the horse with the carrot meter, and i've seen shots of the wolf getting sucked up in to a vortex (warp?) so there's that for sure.