Waypoint
Waypoints will return in Diablo 3, and will work in a similar way. Checkpoints are a related topic, but will not replace waypoints.
An addition to waypoints in Diablo III is that you will have the option to teleport to any other player. There will probably also be scrolls of player teleport as well.
Background
The world of Sanctuary is huge and often there are great distances between towns and their outlying regions. During the Sin War, the Horadrim devised a system of magic waypoints to provide instant travel from one place to another. The magics at work have long since been forgotten as the Horadric Mages have all but disappeared. However, these waypoints remain as a legacy to the Horadrim's once-great power and the value of these devices cannot be denied.
