Teleportation dominates Virtual Reality (VR) locomotion, known for its efficiency and ease of use, particularly in small physical spaces where users have limited room to move. However, is efficiency the only metric that matters? In this study, we challenge this well-established technique by comparing teleportation with an alternative approach for navigating constrained spaces: Walking-with-Portals. We conducted a user study (N = 24) comparing both techniques, collecting data on orientation, cybersickness, presence, and immersion. Our results reveal a distinct trade-off: Teleportation proved significantly faster, more efficient for pathfinding, and induced less cybersickness. Conversely, Walking-with-Portals significantly enhanced users' sense of spatial presence and perceived control over their movement. While a majority preferred Teleportation for the task's efficiency, 91.7% of participants identified Walking-with-Portals as the more immersive technique. Additionally, we establish key design guidelines for intuitive portal placement that allow a large virtual environment to fit within the small play areas (about 2.5 × 2.5 meters) common to home VR users. Our findings suggest that while teleportation remains the default solution in VR locomotion, Walking-with-Portals provides unique benefits that should not be overlooked. This work invites a reflection on locomotion in VR, arguing that the future of VR navigation may go beyond teleport.