VC Balance Mod features hundreds of gameplay and balance improvements, including tournaments varied by faction, 2-handed dane axes and throwing axes, more elite AI armies, realistic travel speeds based on map scale, increased Norse sailing advantage, AI lords stats based on history and literature, balanced troop and item stats, strengthened Laithland, added lord families, random bandit armies, and much more. All changes documented, so you can know exactly what you are installing.
This will make time flow faster on the world map. Realistic slower travel speeds will feel as fast as vanilla speeds to the player, because time will be passing faster. This is an optional add-on--you need to install a realistic speed version first.
Note that this is in essence a cosmetic change--it makes game time flow faster relative to the real world, in other words it basically just runs the game faster. You can always do this to any warband mod by the way, you just need to change the timescale in module.ini to however fast or slow you like.
Hooded Horse, my indie game studio: Hoodedhorse.com
Does the setting affect the in battle (and town, village, etc.) speed as well? I've tried it, and I would say the combat is faster, but not twice as fast, so maybe it's autosuggestion.
Nope, it only affects how time flows when moving an army on the world map--no effect on battles or settlement scenes.