Inflated world (in between TES4 and TES2): With current technology.
Small planet (TES2*10 size):
If they can develop a passable fractal landscape generator that would fill it with intelligent detail, that would seem natural, for the type of environment.
If they can add semi-random wild life to the areas, and add semi-random events that would fit in it, which could lead to semi-random quests that could lead to even more detailed semi-hand designed and more significant quests.
If they can create intelligent engine to create semi-random dungeons, filled with intelligently chosen content, and events, and quests.
And on the top of that the game developers could tweak and change any area that would need the changes and manually change any detail, in the landscape, dungeons, population, events, and quests, and over that, add cities and settlings in the proper places, and could develop long and detailed quest-lines in the game over that foundation.
Yes, I would like that.