Well, let me tell you a little story... I was hiking down to bottleneck and once I reached it I started searching for a tree, from which to collect firewood for my hearth fire.
This took some time, since all ten initial trees where cut down and just about every tree in thirty miles was too. I finally found some pines- and I can't say where, lest some griefer get them, too- and set to work lighting my Hearthfire.
Then my internet connection crashed.
Well, now, due to no fault of my own, I've been sent all the way back to the halfway point.
Now I'm not saying to get rid of the Hearthfire system... just store the last position and put the players there if they logged out in the past, oh, hour. This would also prevent "teleportation" via hiking out to a mine someplace, filling your pack, and logging out and back in to go home.
This could be expanded so that if you log out but are six hours away from home, you have six hours to get back on.