When I first played with Locomotion, and saw that there are no depots, I didn’t like it. But after a while I get used to it and now I think that the depot conception does not worth it. Many times when I play TF, I end up creating a temporary depot close to a stopped train just to be able to modify/sell it. So this is not adding much to the game, I would be happy with the Locomotive way.
About it being unrealistic: sure it is, but if we talk about realism, trains being able to reverse at the end of the line bothers me more than the unrealism of being able to pick up/put down trains anywhere. At least if there was an option in the preferences where you could turn this off, so that you should make proper end line stations. I think that is the way how it was in Trains&Trucks Tycoon.