I think old school navigation via landmarks, map and cardinal directions fits the game setting well and adds to its atmosphere. I am against this.
Landmarks and such are nice and all... but back in the day people could take and write notes on their map... So let us name things on our maps. Within a guild you should be able to edit the map for the guild.
so you could say...
"hey lets all travel to Wolf Rock" and everyone knows what you are talking about because your explorers have gone out and labeled things.