On this topics navmesh vs waypointing, you may well want to have a look on what I'm doing for Stefan's Realbot. A utility to create nodes file from the BSP files.

Nothing rocket science but it uses concepts from Pierre-Marie's navmesh (mainly walkable surfaces) and generate waypoints based on collision avoidance between adjacent nodes as well as 'probing' the floor for dangerous fall or too high jumps.

So, it gets some bonus from navmesh but still keeps the drawbacks of waypoints: pre-defined course of bots, A* takes much longer.

Source code is GPL and is in the Bsp2Rbn subdirectory of realbot.

HTH

-eric