Pressing up on the crosspad sends your squad to where your crosshair is aiming. Now I admit that the party doesnt always listen so well, but that is as close to a go here option you are gonna get in a console game.
And as far as the framerate, I have not had one slow down yet, regardless of level size or number of enemies on the map. Not even during large explosions like when you shoot one of those fuel cannisters.
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