I try to keep it realistic. The only things on my HUD are: my health (Geralt would know when he's wounded), damaged items (he would see the sword and armour getting damaged) and the elixir timers (he would feel when the effects wear off). Everything else is switched off, including quest text, enemy health bars etc.
On the main map I have only left the following: signposts, traders (including blacksmiths and herbalists), boats and inns. Everything else is switched off.
The game became much more interesting that way. I also try not to look at the map for current quest location. Instead I listen carefully to what the characters tell me and to what Geralt mumbles to himself
If I can't figure it out I then look at the map, but I don't hover my mouse over the quest pointer so that I don't know exactly what to do (like "Talk to this person").
I try to play through the game with as little hints and possible. It's an amazing experience.
The only thing that's missing is the compass, that's a real PITA and it makes it a little hard sometimes. The signposts could actually have real names written on them - that would help A LOT. I'm thinking Skyrim here - the signposts there had real city names on them so you knew which direction to go without looking at the map...
RedKit, we need you!