If anything, 1) Increase warp speed at lower levels, 2) force the lower ranks to continue traveling through sector space, and 3) make this insta-travel option available at Admiral level. Otherwise, I say put it in place and let people use it if they want.
Especially at the lower levels, the travel is interesting. It's just so incredibly slow until you hit Commander. It's a huge waste of time, and like was said... I'd rather be playing than traveling somewhere to play. Especially with my VAs. I've already flown through sector space thousands of times. It's now either time for checking e-mail or getting a snack. it's only wonderful for the first few ranks of your first character. When the DOff system is live, I imagine I'll enjoy it a little more, but will I really have enough DOff duties to keep me interested for even a trip from K-7 to Psi Velorum? At the current speed of DOff assigments, probably not.
I don't mind it as an option, there will be damned little choice if F2P goes through in its current incarnation so every little choice is an improvement but I won't be using it personally, Star Trek without travel simply isn't Star Trek.