So I found a GREAT use for the otherwise useless horse.
Obviously you can't run or fast travel when you're over-encumbered. But you CAN ride a horse.
So I went to Fort Greymoor and parked my horse outside. Cleared the courtyard of bandits and stashed all of their stuff in a barrel right outside the door to the inner keep. Went and got my horse and left him next to the barrel.
Went inside, cleared out the whole place. Looted everything and every time I got close to my carry limit, made a quick jaunt outside and left everything in the barrel. Once I had cleared the whole place, I went outside and did a "take all" on the barrel.
I was carrying over 900 pounds worth of stuff. So I take the 5 seconds to walk over to my horse, mount up, and ride back to town.
I figure this method saved me 3 trips back to town. Between running, loading screens, sleeping to make sure it was daytime (so vendors were actually open), and sleeping to make sure vendors had enough gold to sell stuff, I saved myself OVER AN HOUR OF REAL WORLD TIME.
